<SEC-DOCUMENT>0001157523-19-001205.txt : 20190513
<SEC-HEADER>0001157523-19-001205.hdr.sgml : 20190513
<ACCEPTANCE-DATETIME>20190513160022
ACCESSION NUMBER:		0001157523-19-001205
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20190513
FILED AS OF DATE:		20190513
DATE AS OF CHANGE:		20190513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Americas Silver Corp
		CENTRAL INDEX KEY:			0001286973
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37982
		FILM NUMBER:		19818316

	BUSINESS ADDRESS:	
		STREET 1:		145 KING ST. W.
		STREET 2:		SUITE 2870
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 1J8
		BUSINESS PHONE:		604-678-9639

	MAIL ADDRESS:	
		STREET 1:		145 KING ST. W.
		STREET 2:		SUITE 2870
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 1J8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCORPIO MINING CORP
		DATE OF NAME CHANGE:	20040414
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a51983166.htm
<DESCRIPTION>AMERICAS SILVER CORP. 6-K
<TEXT>
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  <div> <font style="font-size: 16pt;"> </font><font style="font-size: 16pt;"> </font>
    <div style="text-align: center; font-size: 16pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif;">UNITED STATES</font></div>
    <font style="font-size: 16pt;"> </font>
    <div style="text-align: center; font-size: 16pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif;">SECURITIES AND EXCHANGE COMMISSION</font></div>
    <font style="font-size: 16pt;"> </font>
    <div style="text-align: center; font-size: 16pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif;">Washington, D.C. 20549</font></div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 16pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Form 6-K</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the month of&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">May 2019</font></font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Commission File Number&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">001-37982</font></font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <font style="font-size: 16pt;"><br>
        </font></font></div>
    <font style="font-size: 16pt;"> </font></div>
  <font style="font-size: 16pt;"> </font>
  <div><font style="font-size: 16pt;"> </font>
    <div style="text-align: center; font-size: 16pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">AMERICAS SILVER CORPORATION</font></div>
    <div style="text-align: center; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(Translation of registrant&#8217;s
          name into English)</font></font></div>
    <div style="text-align: left; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
        </font></font></div>
    <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
    </font>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">145 King Street West, Suite 2870</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Toronto, Ontario, Canada</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">M5H 1J8</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(Address of principal executive offices)</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z7b5a590cff03403f8045932c302d9137">

        <tr>
          <td style="width: 14%; vertical-align: middle;" colspan="1">&#160;</td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Form 20-F</font></div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#9744; </font></div>
          </td>
          <td style="width: 8%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Form 40-F</font></div>
          </td>
          <td style="width: 62%; vertical-align: middle;">&#9746; </td>
        </tr>

    </table>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&#160;&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="za812c339f6b141e1b64c48fb7648afe1">

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          <td style="width: 1.38%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 98.62%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Note:</font>&#160;&#160;Regulation S-T Rule
                101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;" id="z1c4b722c24c14248b6b1ba15ac4e9cd4">

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          <td style="width: 1.38%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 98.62%; vertical-align: top;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Note:</font> Regulation&#160;S-T
                Rule&#160;101(b)(7) only permits the submission in paper of a Form&#160;6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the
                registrant is incorporated, domiciled or legally organized (the registrant&#8217;s &#8220;home country&#8221;), or under the rules of the home country exchange on which the registrant&#8217;s securities are traded, as long as the report or other document is not a
                press release, is not required to be and has not been distributed to the registrant&#8217;s security holders, and, if discussing a material event, has already been the subject of a Form&#160;6-K submission or other Commission filing on EDGAR.</font></div>
          </td>
        </tr>

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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIGNATURE</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
        the undersigned, thereunto duly authorized.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td colspan="2" rowspan="1" style="width: 20%; vertical-align: middle;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">AMERICAS SILVER CORPORATION</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td colspan="1" style="width: 30%; vertical-align: middle;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; padding-bottom: 2px;" rowspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
            <div style="margin-left: 9pt"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">/s/ Peter McRae</font> <br>
            </div>
          </td>
          <td colspan="1" style="width: 30%; vertical-align: middle; padding-bottom: 2px;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 20%; vertical-align: middle;" rowspan="1"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Peter McRae</font></td>
          <td colspan="1" style="width: 30%; vertical-align: middle;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; text-align: left;" rowspan="1"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Date:&#160;&#160; May 13, 2019</font> <br>
          </td>
          <td style="width: 20%; vertical-align: middle;" rowspan="1">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Chief Legal Officer and Senior Vice President<br>
              </font></div>
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Corporate Affairs</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
          </td>
          <td colspan="1" style="width: 30%; vertical-align: middle;" rowspan="1">&#160;</td>
        </tr>

    </table>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      </font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">INDEX TO EXHIBITS</font>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font>
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            <td style="width: 7%;"><a href="a51983166ex99_1.htm">99.1</a><br>
            </td>
            <td style="width: 93%;"><a href="a51983166ex99_1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Quarterly Financial
                  Statements</font></a></td>
          </tr>
          <tr>
            <td style="width: 7%;"><a href="a51983166ex99_2.htm">99.2</a><br>
            </td>
            <td style="width: 93%;"><a href="a51983166ex99_2.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Quarterly Management
                  Discussion and Analysis</font></a></td>
          </tr>
          <tr>
            <td style="width: 7%;"><a href="a51983166ex99_3.htm">99.3</a><br>
            </td>
            <td style="width: 93%;"><a href="a51983166ex99_3.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Certification of
                  Interim Filings - CEO</font></a></td>
          </tr>
          <tr>
            <td style="width: 7%;"><a href="a51983166ex99_4.htm">99.4</a><br>
            </td>
            <td style="width: 93%;"><a href="a51983166ex99_4.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Certification of
                  Interim Filings - CFO</font></a></td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51983166ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
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    <div style="text-align: right; margin-right: 4.5pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">AMERICAS SILVER CORPORATION</div>
    <div style="text-align: right; margin-right: 4.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: right; margin-right: 4.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Condensed Interim Consolidated Financial Statements</font></div>
    <div><br>
    </div>
    <div style="text-align: right; margin-right: 4.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">For the three months ended March 31, 2019 and 2018</font></div>
    <div style="text-align: right; margin-right: 4.5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">(In thousands of U.S. dollars, unless otherwise stated, unaudited)</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Notice of No Auditor Review of Condensed Interim Consolidated Financial Statements</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the interim financial
        statements; they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. &#160;The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by
        management and approved by the Audit Committee and Board of Directors of the Company. &#160;The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by Chartered Professional
        Accountants of Canada for a review of interim financial statements by an entity's auditor.</font></div>
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    <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Condensed interim consolidated statements of financial position</font></div>
    <div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(In thousands of U.S. dollars, unaudited)</font>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> December 31,</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As at</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2019</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Assets</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Current assets</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash and cash equivalents</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,464</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other receivables (Note 5)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,309</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,712</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Inventories (Note 6)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,063</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,136</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Prepaid expenses</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">989</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,247</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Asset held-for-sale (Note 7)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,925</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,925</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Convertible loan receivable (Note 8)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,754</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,922</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32,472</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29,406</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Non-current assets</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Restricted cash</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">680</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">681</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Property, plant and equipment (Note 7)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">95,852</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">96,442</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deferred tax assets (Note 16)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">626</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">626</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total assets</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">129,630</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">127,155</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Current liabilities</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other payables</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Derivative instruments (Note 17)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Convertible loans payable (Note 8)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,972</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Promissory note (Note 9)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,000</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pre-payment facility (Note 10)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,568</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27,305</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22,962</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Non-current liabilities</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other long-term liabilities</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,029</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">689</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pre-payment facility (Note 10)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,125</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,500</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Post-employment benefit obligations</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,279</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,174</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Decommissioning provision</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,894</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,791</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Derivative warrant liability (Note 8)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">667</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">711</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deferred tax liabilities (Note 16)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,258</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,132</font></div>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Equity</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Share capital (Note 11)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">212,943</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Equity reserve</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">34,105</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">34,837</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Foreign currency translation reserve</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,116</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deficit</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total equity</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">83,073</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">84,196</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total liabilities and equity</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">129,630</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">127,155</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Contingencies (Note 19), Subsequent events (Note 20)</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The accompanying notes are an integral part of the condensed interim consolidated financial statements.</font></div>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 1</font></div>
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    <div><br>
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    <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Condensed Interim consolidated statements of income (loss) and comprehensive income (loss)</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(In thousands of U.S. dollars, except share and per share amounts, unaudited)</font>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; background-color: #FFFFFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Revenue (Note 13)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,826</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cost of sales (Note 14)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depletion and amortization (Note 7)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Care, maintenance and restructuring costs</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(96</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(88</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Corporate general and administrative (Note 15)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,230</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Transaction costs</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(977</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exploration costs</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(602</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,783</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accretion on decommissioning provision</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(49</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(47</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest and financing expense</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(701</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(262</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Foreign exchange gain (loss)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(146</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gain (loss) on derivative instruments (Note 17)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,026</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">367</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gain on derivative warrant liability</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">59</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Gain (loss) before income taxes</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,687</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">836</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income tax expense (Note 16)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(126</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(313</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Net income (loss)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other comprehensive income (loss)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Items that may be reclassified subsequently</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;&#160;&#160;to net income (loss)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Foreign currency translation reserve</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(425</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">256</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other comprehensive income (loss)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(425</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">256</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Comprehensive income (loss)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,238</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">779</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Income (loss) per share</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Basic and diluted</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.06</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.01</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Diluted</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.06</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.01</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Weighted average number of common shares</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">outstanding</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Basic (Note 12)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">44,721,090</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">44,154,449</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The accompanying notes are an integral part of the condensed interim consolidated financial statements.</font></div>
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      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 2</font></div>
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    <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Condensed interim consolidated statements of changes in equity</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three-month periods ended March 31, 2019 and 2018</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(In thousands of U.S. dollars, except share amounts, unaudited)</font>
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          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> reserve</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> reserve</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Deficit</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> equity</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Balance at January 1, 2019</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">212,943</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">34,837</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(170,125</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">84,196</font></div>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net loss for the period</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Balance at March 31, 2019</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">215,790</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%;">
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Balance at January 1, 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">523</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">523</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">256</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Share-based payments</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,074</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,074</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 28%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Proceeds from exercise of options and warrants</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">618</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Balance at March 31, 2018</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41,931</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35,307</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,540</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The accompanying notes are an integral part of the condensed interim consolidated financial statements.</font></div>
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 3</font></div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Condensed interim consolidated statements of cash flows</font></div>
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      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three-month periods ended March 31, 2019 and 2018</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(In thousands of U.S. dollars, unaudited)</font>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2019</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cash flow generated from (used in)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operating activities</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net income (loss) for the period</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,813</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">523</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depletion and amortization</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,462</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,215</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deferred income tax expense</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">126</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">313</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accretion and decommissioning costs</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">49</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Share-based payments</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">117</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,064</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unrealized loss on long-term investments</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Provision on other long-term liabilities</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deferred costs on convertible loans</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net charges on post-employment benefit obligations</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Loss (gain) on derivative instruments</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(363</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); padding-bottom: 2px; width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gain on derivative warrant liability</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(44</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,565</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,712</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Changes in non-cash working capital items:</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other receivables</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,597</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,008</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Inventories</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(927</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">405</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Prepaid expenses</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">258</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(678</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other payables</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">178</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(410</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Net cash generated from (used in) operating activities</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">476</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,979</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Investing activities</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Purchase of San Felipe property option</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Bond on decommissioning costs</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(370</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investment in convertible loan receivable</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Net cash used in investing activities</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financing activities</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Repayments to pre-payment facility</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,417</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(576</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Payments to lease liabilities</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(60</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financing from promissory note</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,000</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Proceeds from exercise of options and warrants</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,399</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">618</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Net cash generated from financing activities</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,922</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">42</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Decrease in cash and cash equivalents</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 4px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,432</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,259</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
            <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Term deposits</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,432</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,259</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest paid during the period</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">370</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">326</font></div>
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    </table>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The accompanying notes are an integral part of the condensed interim consolidated financial statements.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 4</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify;"><br>
      <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the condensed interim consolidated financial statements</font></div>
      <div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three-month periods ended March 31, 2019 and 2018</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (In thousands of U.S. dollars, unless otherwise stated, unaudited)</font>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.&#160;&#160; Corporate information</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Americas Silver Corporation (the &#8220;Company" or "Americas Silver") was incorporated under the Canada Business Corporations Act on May 12, 1998
        and conducts mining exploration, development and production in the Americas. The address of the Company&#8217;s registered office is 145 King Street West, Suite 2870, Toronto, Ontario, Canada, M5H 1J8. The Company&#8217;s common shares are listed on the
        Toronto Stock Exchange under the symbol &#8220;USA&#8221; and on the New York Stock Exchange American under the symbol &#8220;USAS&#8221;.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The condensed interim consolidated financial statements of the Company for the three months ended March 31, 2019 were approved and authorized
        for issue by the Board of Directors of the Company on May 13, 2019.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.&#160;&#160; Basis of presentation</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting
        Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and Interpretations of the International Financial Reporting Interpretations Committee (&#8220;IFRIC&#8221;) which the Canadian Accounting Standards Board has approved for
        incorporation into Part 1 of the Handbook of Chartered Professional Accountants of Canada<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font>applicable to the preparation of interim financial statements, including
        International Accounting Standard (&#8220;IAS&#8221;) 34, Interim Financial Reporting. These condensed interim consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements and
        should be read in conjunction with the Company&#8217;s annual consolidated financial statements as at and for the year ended December 31, 2018. In particular, the Company&#8217;s significant accounting policies were summarized in Note 3 of the consolidated
        financial statements for the year ended December 31, 2018 and have been consistently applied in the preparation of these condensed interim consolidated financial statements with the exception of &#8220;leases&#8221;, which has been replaced by recent changes
        in accounting policies under Note 3 below. These unaudited condensed interim consolidated financial statements were prepared on a going concern basis.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.&#160;&#160; Changes in accounting policies and recent accounting pronouncements</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has adopted the following new accounting standard effective for annual periods beginning on or after January 1, 2019:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt;
        font-family: 'Times New Roman', Times, serif;">Leases</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">IFRS 16 - <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Leases</font> - The standard on
        leases was issued in January 2016 and is effective for annual reporting periods beginning on or after January 1, 2019 for public entities with early adoption permitted, provided IFRS 15 has been applied or is applied at the same date as IFRS 16.
        The standard requires lessees to recognize assets and liabilities for most leases. The Company adopted IFRS 16 using the modified retrospective approach resulting in the recognition of additional assets and liabilities from right-of-use assets
        identified on the consolidated statement of financial position at January 1, 2019 with no restatement of prior year comparatives. Effective January 1, 2019, the adoption of IFRS 16 increased assets, liabilities, depreciation, interest and financing
        expense, and decreased corporate general and administrative expenses. The Company applied practical expedients to not recognize short-term leases or leases of low-value items on transition under IFRS 16 and will continue to expense such lease
        payments to the consolidated statement of income (loss) and comprehensive income (loss).</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.&#160;&#160; Significant accounting judgments and estimates</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The preparation of the condensed interim consolidated financial statements in conformity with IFRS requires management to make judgments and
        estimates that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual
        results could differ significantly from those estimates.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In preparing these condensed interim consolidated financial statements, the significant judgments made by management in applying the
        Company&#8217;s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Company&#8217;s annual consolidated financial statements as at and for the year ended December 31, 2018.</font></div>
    <div>&#160;</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 5</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: justify;">
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the condensed interim consolidated financial statements</font></div>
        <div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three-month periods ended March 31, 2019 and 2018</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (In thousands of U.S. dollars, unless otherwise stated, unaudited)</font>
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        </div>
      </div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.&#160;&#160; Trade and other receivables</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" id="z3783c3154a47430bb92626a2afaa261d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> December 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2019</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade receivables</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,804</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,126</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Value added taxes receivable</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,249</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,465</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other receivables</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">256</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">121</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,309</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,712</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.&#160;&#160; Inventories</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" id="z1af2af62fb1b49afad537b55f15541f8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> December 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2019</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Concentrates</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,640</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">941</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Ore stockpiles</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,993</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,602</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,593</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> lease assets</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> equipment</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Cost</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">104,362</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">58,467</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">48,808</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">84</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">211,721</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Asset additions</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,420</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reclassification</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;&#160;&#160;and depletion</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,762</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,572</font></div>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Write-down of equipment</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">133</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">133</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Reclassification</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(50,502</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Balance at December 31, 2018</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41,610</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29,964</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">49</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">71,623</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depreciation/depletion for the period</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,245</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,139</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">75</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,462</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%; padding-bottom: 2px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">43,855</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">31,103</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">75</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">52</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">75,085</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 28%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Carrying value</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;at December 31, 2018</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">71,818</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">24,578</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">46</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">96,442</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 28%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;at March 31, 2019</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">71,465</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23,549</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">795</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">43</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">95,852</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 6</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font>
    <div style="text-align: justify;">
      <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the condensed interim consolidated financial statements</font></div>
      <div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three-month periods ended March 31, 2019 and 2018</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (In thousands of U.S. dollars, unless otherwise stated, unaudited)</font>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As at January 1, 2019, the Company recognized $0.9 million of right-of-use assets from leases upon adoption of IFRS 16 using the modified
        retrospective approach, where $0.1 million were from the Mexican Operations, $0.3 million were from the U.S. Operations, and $0.5 million were from Corporate and Other. The associated lease liabilities were classified into trade and other payables
        and other long-term liabilities in the consolidated statement of financial position.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On March 2, 2017, the Company entered into an option acquisition agreement with Impulsora Minera Santacruz S.A. de C.V., a wholly-owned
        subsidiary of Santacruz Silver Mining Ltd. (&#8220;Santacruz&#8221;), to acquire an existing option with Minera Hochschild Mexico S.A. de C.V. (&#8220;Hochschild&#8221;) for the right to acquire a 100% interest of the San Felipe property located in Sonora, Mexico. As at
        December 31, 2018, the property purchase option was reclassified as an asset held-for-sale as its carrying amount will be recovered principally through sale. A write-down of $3.7 million was recorded for the year-ended December 31, 2018 to measure
        the asset held-for-sale at the lower of its carrying amount of $10.6 million and fair value less estimated costs to sell of $6.9 million. Further details of the option are disclosed in Note 8 of the consolidated financial statements for the year
        ended December 31, 2018.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-current assets are tested for impairment or impairment reversals when events or changes in circumstances suggest that the carrying amount
        may not be recoverable. A write-down of $0.1 million was recorded for the year ended December 31, 2018 as a result of writing down carrying amounts of equipment to recoverable amounts. No other impairment or impairment reversal indicators were
        identified for the three-month period ended March 31, 2019.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The amount of borrowing costs capitalized as property, plant and equipment was nil during the three-month period ended March 31, 2019 (2018:
        nil).</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.&#160;&#160; Convertible loans receivable and payable</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On October 1, 2018, in connection with the business combination with Pershing Gold Corporation (&#8220;Pershing&#8221;) (see Note 20), the Company
        entered into short-term secured convertible loan agreements with Pierre Lassonde and two other lenders for $5.5 million CAD due July 1, 2019 with interest payable at 15% per annum (the &#8220;Convertible Loans Payable&#8221;). The Convertible Loans Payable may
        be extended to mature on October 1, 2019 with interest payable at 18% per annum upon election by the Company.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company recorded a derivative asset of $0.2 million on initial recognition based on the estimated fair value of the extension option and
        recognized a loss of nil in the consolidated statement of income (loss) and comprehensive income (loss) for the three-month period ended March 31, 2019 (for the year ended December 31, 2018: $0.1 million) as a result of the change in estimated fair
        value of the extension option.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Convertible Loans Payable may be converted into common shares of the Company upon mutual election at a conversion price determined as the
        lower of $3.1231 CAD or the volume-weighted average price of the Company&#8217;s common shares for five trading days immediately preceding the date of exercise. On initial recognition and as at December 31, 2018, the fair value of the conversion option
        is nil. Interest expense of $0.2 million was recorded in the consolidated statement of income (loss) and comprehensive income (loss) for the three-month period ended March 31, 2019 (for the year ended December 31, 2018: $0.2 million) in connection
        with the Convertible Loans Payable.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Under the terms of the Convertible Loans Payable, the Company issued 1,074,999 warrants to the lenders where each warrant is exercisable for
        one common share at an exercise price of $3.1231 CAD for a period of 5 years. The holders of the warrants may elect a cashless exercise option to receive common shares of the Company equal to the fair value of the warrants, in lieu of exercising
        the warrants for cash. If so elected, <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the fair value of the warrants is determined by multiplying the number of warrants to be exercised by the
          market price of a common share less the warrants exercise price with the difference divided by the market price of the common share.</font> There will be variability in the number of shares issued per warrant if a warrant holder exercises this
        option.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company recorded a derivative warrant liability on initial recognition of $1.3 million based on the estimated fair value of the warrants
        determined using the Black-Scholes warrant pricing model and recognized a $0.1 million gain in the consolidated statement of income (loss) and comprehensive income (loss) for the three-month period ended March 31, 2019 (for the year ended December
        31, 2018: $0.6 million gain) as a result of the change in estimated fair value of the derivative warrant liability.</font></div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 7</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify;"><br>
      <div style="text-align: justify;">
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the condensed interim consolidated financial statements</font></div>
        <div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three-month periods ended March 31, 2019 and 2018</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (In thousands of U.S. dollars, unless otherwise stated, unaudited)</font>
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        </div>
      </div>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">The initial fair value of the principal portion of the Convertible Loans Payable was determined using a market interest rate for an
        equivalent non-convertible instrument at the issue date. The principal portion is subsequently recognized on an amortized cost basis until extinguished on conversion or maturity. The remainder of the proceeds are allocated to the extension option,
        the conversion option, and the derivative warrant liability.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The net proceeds of the Convertible Loans Payable are being used by the Company to fund a short-term secured first lien convertible loan to
        Pershing due June 1, 2019 with interest payable at 16% per annum (the &#8220;Convertible Loan Receivable&#8221;) to address Pershing&#8217;s near-term working capital requirements. As at March 31, 2019, the Company had funded $2.8 million of the Convertible Loan
        Receivable to Pershing. The Convertible Loan Receivable may be extended to mature on September 1, 2019 with interest payable at 19% per annum upon election by Pershing. The Convertible Loan Receivable may be converted into common shares of Pershing
        upon election by the Company at a conversion price determined as the higher of $1.18 or the volume-weighted average price of Pershing&#8217;s common shares for five trading days immediately preceding the date of exercise. The Convertible Loan Receivable
        is carried at fair value with changes in fair value recorded in the consolidated statement of income (loss) and comprehensive income (loss) for the period.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.&#160;&#160; Promissory note</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On February 19, 2019, in connection with the business combination with Pershing (see Note 20), the Company entered into a $3 million
        unsecured, promissory note maturing on February 19, 2020 at an interest rate of 10% per annum, payable quarterly, with Sandstorm Gold Ltd. (&#8220;Sandstorm&#8221;) in providing financing for the development of Pershing&#8217;s Relief Canyon Project (the &#8220;Promissory
        Note&#8221;). The Company may prepay the principal balance outstanding at any time without penalty to Sandstorm.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.&#160;&#160; Pre-payment facility</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On January 29, 2017, the Company entered into a pre-payment facility for $15.0 million with Metagri S.A. de C.V., a subsidiary of Glencore
        PLC (&#8220;Glencore&#8221;), to fund a portion of the development costs for the San Rafael project within the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cosal&#225; </font>district of Sinaloa, Mexico (the &#8220;Pre-Payment
        Facility&#8221;). The Pre-Payment Facility was drawn in full on March 30, 2017, has a term of four years at an interest of U.S. LIBOR rate plus 5% per annum, and is secured by a promissory note in the amount of up to $15.0 million issued by the Company,
        a corporate guarantee in favour of Glencore, and limited asset level security on the San Rafael project. The Company has also entered into four-year offtake agreements with Glencore for the zinc and lead concentrates produced from the San Rafael
        project where Glencore will pay for the concentrates at the prevailing market prices for silver, zinc and lead, less customary treatment, refining and penalty charges. Repayment of principal on the Pre-Payment Facility began in January 2018 as an
        additional tonnage charge on shipments of concentrate where $3.9 million was paid during the year ended December 31, 2018 and $1.4 million was paid during the three-month period ended March 31, 2019. Minimum annual principal repayments of $5.5
        million are due during 2019 and $5.5 million are due during 2020.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.&#160;&#160; Share capital</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">a.&#160;&#160; Authorized</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Authorized share capital consists of an unlimited number of common shares.</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z074043b3448e4eb6b4891b6be88426ea" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> December 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2019</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Issued</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">45,391,989 (2018: 43,402,434) common shares</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">215,790</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">212,943</font></div>
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    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">b.&#160;&#160; Stock option plan</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The number of shares reserved for issuance under the Company&#8217;s stock option plan is limited to 10% of the number of common shares which are
        issued and outstanding on the date of a particular grant of options. Under the plan, the Board of Directors determines the term of a stock option to a maximum of 10 years, the period of time during which the options may vest and become exercisable
        as well as the option exercise price which shall not be less than the closing price of the Company&#8217;s share on the Toronto Stock Exchange on the date immediately preceding the date of grant. The Compensation Committee determines and makes
        recommendations to the Board of Directors as to the recipients of, and nature and size of, share-based compensation awards in compliance with applicable securities law, stock exchange and other regulatory requirements.</font></div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 8</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify;">
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the condensed interim consolidated financial statements</font></div>
        <div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three-month periods ended March 31, 2019 and 2018</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (In thousands of U.S. dollars, unless otherwise stated, unaudited)</font>
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        </div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">A summary of changes in the Company&#8217;s outstanding stock options is presented below:</font></div>
    <div><br>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> December 31,</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 solid 2px;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Weighted</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Weighted</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> average</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> average</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> exercise</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> exercise</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Number</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> price</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Number</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> price</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (thousands)</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> CAD</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (thousands)</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> CAD</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 52%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.54</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 52%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exercised</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.29</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 52%; padding-bottom: 2px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.14</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 52%; padding-bottom: 4px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.77</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> average</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Weighted</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> remaining</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> average</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> average</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Exercise</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> contractual</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> exercise</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> exercise</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;price</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> life</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Outstanding</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> price</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Exercisable</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> price</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> CAD</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> CAD</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">711</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.04</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.85</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,005</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.85</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.76</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,364</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.58</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">920</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.58</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;5.01 to 6.00</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.82</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">40</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.55</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.55</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 40%; padding-bottom: 4px;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,160</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px;">
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">c.&#160;&#160; Share-based payments</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The weighted average fair value at grant date of the Company&#8217;s stock options granted during the three-month period ended March 31, 2019 was
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company used the Black-Scholes Option Pricing Model to estimate fair value using the following weighted-average assumptions for the
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2019</font></div>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expected stock price volatility <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">59</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Risk free interest rate</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.74</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expected life</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 3 years</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expected forfeiture rate</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.36</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expected dividend yield</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">%</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Share-based payments included in cost of sales</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Share-based payments included in general and</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;administrative expenses</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,038</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total share-based payments</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">99</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,038</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expected volatility has been based on historical volatility of the Company&#8217;s publicly traded shares.</font></div>
            </td>
          </tr>

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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
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      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 9</font></div>
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    <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> </font>
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      <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
      <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the condensed interim consolidated financial statements</font></div>
      <div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three-month periods ended March 31, 2019 and 2018</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (In thousands of U.S. dollars, unless otherwise stated, unaudited)</font>
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    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">d.&#160;&#160; Warrants</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The warrants that are issued and outstanding as at March 31, 2019 are as follows:</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="ze1342438e0e74f0c8d729efe2cad80c0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Number of</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Exercise</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Issuance</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Expiry</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;warrants</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;price (CAD)</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;date</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;date</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,074,999</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3.12</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Oct 2018</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Oct 1, 2023</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;799,065</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.68</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Jul 2016</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Jun 14, 2021</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,447,426</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.68</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Jun 2016</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Jun 9, 2021</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,321,490</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 4px;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">e.&#160;&#160; Restricted Share Units:</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has a Restricted Share Unit Plan under which eligible directors, officers and key employees of the Company are entitled to
        receive awards of restricted share units. Each restricted share unit is equivalent in value to the fair market value of a common share of the Company on the date of grant with the value of each cash settled award charged to compensation expense
        over the period of vesting. At each reporting date, the compensation expense and associated liability (which is included in trade and other long-term liabilities in the consolidated statement of financial position) are adjusted to reflect changes
        in market value. As at March 31, 2019, 25,536 (December 31, 2018: 86,692) restricted share units are outstanding at an aggregate value of $0.1 million (December 31, 2018: $0.1 million).</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">f.&#160;&#160; Deferred Share Units:</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has a Deferred Share Unit Plan under which eligible directors of the Company receive awards of deferred share units on a
        quarterly basis as payment for 20% of their director fees earned. Deferred share units are settled in either cash or common shares at the Company&#8217;s discretion when the director leaves the Company&#8217;s Board of Directors. The Company recognizes a cost
        in director fees and a corresponding increase in equity reserve upon issuance of deferred share units. As at March 31, 2019, 350,175 (December 31, 2018: 337,137) deferred share units are issued and outstanding.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.&#160;&#160; Weighted average basic and diluted number of common shares outstanding</font></div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z098e0be349a542288a6bfb6165d87096" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 70%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Three-month</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Three-month</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 70%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> period ended</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> period ended</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 70%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px; width: 70%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2019</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 70%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 70%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Basic weighted average number of shares</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 12%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">44,721,090</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 12%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41,776,998</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 70%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effect of dilutive stock options and warrants</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,377,451</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 70%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Diluted weighted average number of shares</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">44,721,090</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 12%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">44,154,449</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Diluted weighted average number of common shares for the three-month period ended March 31, 2019 excludes 3,159,993 (2018: 1,383,403)
        anti-dilutive stock options and 3,321,490 (2018: nil) anti-dilutive warrants.</font></div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 10</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify;">
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the condensed interim consolidated financial statements</font></div>
        <div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three-month periods ended March 31, 2019 and 2018</font></div>
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    <div>&#160;</div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2019</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Silver</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Provisional sales revenue</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,831</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Derivative pricing adjustments</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">193</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,849</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,024</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Zinc</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Provisional sales revenue</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13,343</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,164</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Derivative pricing adjustments</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">317</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">50</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13,660</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,214</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Lead</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Provisional sales revenue</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,386</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,978</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Derivative pricing adjustments</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">57</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,443</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,986</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other by-products</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Provisional sales revenue</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">182</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">128</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Derivative pricing adjustments</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(33</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(36</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">149</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">92</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total provisional sales revenue</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26,858</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27,101</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total derivative pricing adjustments</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">243</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">215</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gross revenue</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27,101</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27,316</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Treatment and selling costs</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(9,275</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6,933</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,826</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20,383</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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    <div><br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Derivative pricing adjustments represent subsequent variations in revenue recognized as an embedded derivative from contracts with customers
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    <div>&#160;</div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2019</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Salaries and employee benefits</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,590</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,022</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Raw materials and consumables</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,243</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,334</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,028</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other costs</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">230</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">917</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Changes in inventories</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(927</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">405</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12,470</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13,143</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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    </table>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 11</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
      <div style="text-align: justify;">
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the condensed interim consolidated financial statements</font></div>
        <div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three-month periods ended March 31, 2019 and 2018</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (In thousands of U.S. dollars, unless otherwise stated, unaudited)</font>
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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      &#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.&#160;&#160; Corporate general and administrative expenses</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Corporate general and administrative expenses are costs incurred at corporate and other segments that do not directly relate to production.
        The following are components of corporate general and administrative expenses for the three-month periods ended March 31, 2019 and 2018:</font></div>
    <div><br>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2019</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Salaries and employee benefits</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">514</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">446</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Directors&#8217; fees</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">94</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">74</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Share-based payments</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">100</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,028</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Professional fees</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">109</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">196</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Office and general</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">413</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">486</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,230</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,230</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        </tr>

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    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.&#160;&#160; Income taxes</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income tax expense is recognized based on management&#8217;s best estimate of the weighted average annual income tax rate expected for the full
        financial year. The estimated average annual rate used for the three-month period ended March 31, 2019 was 26.5% and for the year ended December 31, 2018 was 26.5%.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s net deferred tax asset relates to the U.S. alternative minimum tax credits available:</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" id="zd53e5dc3e0fa4580a16064ce87fec3dc" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> December 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2019</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Alternative minimum tax credits</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">626</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">626</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">742</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">742</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total deferred tax assets</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,368</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,368</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Property, plant and equipment</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(742</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(742</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net deferred tax assets</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">626</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">626</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s net deferred tax liability relates to the Mexican mining royalty and arises principally from the following:</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" id="z3e5800cbff654bfe9b94b2fd7eb05e54" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> March 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> December 31,</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2019</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> 2018</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Property, plant and equipment</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">873</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">878</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">745</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">607</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total deferred tax liabilities</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,618</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,485</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Provisions and reserves</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(360</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(353</font></div>
          </td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net deferred tax liabilities</font></div>
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          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,258</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,132</font></div>
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    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.&#160;&#160; Financial risk management</font></div>
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      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s risk exposures and the impact on its financial instruments are summarized below:</font></div>
    <div><br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt;
        font-family: 'Times New Roman', Times, serif;">Credit Risk</font></div>
    <div><br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Credit risk is the risk of loss associated with a counterparty&#8217;s inability to fulfill its payment obligations. The Company&#8217;s credit risk is
        primarily attributable to cash and cash equivalents and trade and other receivables. The credit risk on cash and cash equivalents is limited because the Company invests its cash in deposits with well-capitalized financial institutions with strong
        credit ratings in Canada and the United States. Under current concentrate offtake agreements, risk on trade receivables related to concentrate sales is managed by receiving payments for 85% to 100% of the estimated value of the concentrate within
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    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 12</font></div>
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify;">
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the condensed interim consolidated financial statements</font></div>
        <div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three-month periods ended March 31, 2019 and 2018</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (In thousands of U.S. dollars, unless otherwise stated, unaudited)</font>
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        </div>
      </div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of March 31, 2019, the Company&#8217;s exposure to credit risk with respect to trade receivables amounts to $7.8 million (December 31, 2018:
        $6.1 million). The Company believes credit risk for Mexican Value Added Taxes of $1.2 million (December 31, 2018: $1.5 million) is not significant as they relate to current amounts receivable from Mexican taxation authorities. There are no
        significant provision recorded for expected credit losses at March 31, 2019 and December 31, 2018.</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt;
        font-family: 'Times New Roman', Times, serif;">Liquidity risk</font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they arise. The Company&#8217;s approach to
        managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. The Company&#8217;s liquidity requirements are met through a variety of sources, including cash, cash generated from operations, existing credit
        facilities and debt and equity capital markets. The Company&#8217;s trade payables have contractual maturities of less than 30 days and are subject to normal trade terms.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table presents the contractual maturities of the Company&#8217;s financial liabilities on an undiscounted basis:</font></div>
    <div><br>
    </div>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="18" style="vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">March 31, 2019</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Less than</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Over 5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Total</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 1 year</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 2-3 years</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 4-5 years</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> years</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other payables</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,066</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,066</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pre-payment facility</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,693</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,568</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,125</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest on pre-payment facility</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">648</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">126</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Convertible loans</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,116</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,116</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest on convertible loans</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">154</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">154</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Promissory note</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,000</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,000</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest on promissory note</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">267</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">267</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Projected pension contributions</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,370</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">676</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,593</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,524</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">577</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Decommissioning provision</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,258</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">50</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">618</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,590</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 40%; padding-bottom: 2px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,100</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">487</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">120</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">493</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 40%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">42,672</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28,419</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,949</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,644</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,660</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Minimum lease payments in respect to lease liabilities are included in trade and other payables and other long-term liabilities as follows:</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="za6225151e2f34dbaa2783476be081b86" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="18" style="vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">March 31, 2019</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Less than</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Over 5</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Total</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 1 year</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 2-3 years</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 4-5 years</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> years</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other payables</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">288</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">288</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 40%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other long-term liabilities</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">519</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">399</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">120</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 40%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">807</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">288</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">399</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">120</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
        </tr>

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    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 13</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify;">
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the condensed interim consolidated financial statements</font></div>
        <div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three-month periods ended March 31, 2019 and 2018</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (In thousands of U.S. dollars, unless otherwise stated, unaudited)</font>
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The following table summarizes the continuity of the Company&#8217;s total lease liabilities discounted using <font style="font-size: 10pt; font-family: 'Times
        New Roman', Times, serif;">an</font> incremental borrowing rate of 8% applied during the period:</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z1e4f7e5c54384e3a924ccd60c38f6308" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Balance at January 1, 2019</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">270</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">IFRS 16 adoption</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">527</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lease principal payments</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(60</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lease interest payments</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(11</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accretion on lease liabilities</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Balance at March 31, 2019</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">733</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>

    </table>
    <div><br>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(iii)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt;
        font-family: 'Times New Roman', Times, serif;">Market risk</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
        prices. Market risk comprises three types of risk: interest rate risk, currency risk and price risk.</font></div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2d0c3a0ef3ad4d7396c991a5d0484731" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(1)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Interest rate risk</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is subject to the interest rate risk of U.S. LIBOR rate plus 5% per annum from the existing pre-payment
        facility. Interest rates of other financial instruments are fixed.</font></div>
    <div><br>
    </div>
    <div>
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          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(2)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Currency risk</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As at March 31, 2019, the Company is exposed to foreign currency risk through financial assets and liabilities denominated
        in CAD and Mexican pesos (&#8220;MXP&#8221;):</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial instruments that may impact the Company&#8217;s net earnings or other comprehensive income due to currency
        fluctuations include CAD and MXP denominated assets and liabilities which are included in the following table:</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="z10df895350dd4d1f92d3c28a331848a6" style="width: 94%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="6" style="vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As at March 31, 2019</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; border-bottom: #000000 solid 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> CAD</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> MXP</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash and cash equivalents</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">129</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">139</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other receivables</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">51</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,314</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other payables</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,218</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,162</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As at March 31, 2019, the CAD/USD and MXP/USD exchange rates were 1.34 and 19.38, respectively. The sensitivity of the
        Company&#8217;s net income (loss) and comprehensive income (loss) due to changes in the exchange rates for the three-month period ended March 31, 2019 is included in the following table:</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="zc55995c9de444c49a678cd16dcb018b2" style="width: 94%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> CAD/USD</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> MXP/USD</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Exchange rate</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Exchange rate</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">+/- 10%</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"><br>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">+/- 10%</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;"><br>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Approximate impact on:</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net income</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">273</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">421</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Other comprehensive income</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(27</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">69</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company may, from time to time, employ derivative financial instruments to manage exposure to fluctuations in foreign
        currency exchange rates.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At March 31, 2019, the Company had non-hedge foreign exchange forward contracts to buy approximately 60.0 million MXP at
        average exchange rate of 20.64 MXP/USD to be settled within the second quarter of 2019 valued at approximately $2.9 million. The average forward exchange rate on settlement as at March 31, 2019 was approximately 19.57 MXP/USD with the currencies
        having a fair value of approximately $3.1 million. Accordingly, the Company recorded an unrealized gain of nil through profit or loss during the three-month period ended March 31, 2019 (2018: nil). The Company settled non-hedge foreign exchange
        forward contracts to buy approximately 60.0 million MXP and recorded realized gains of $0.2 million through profit or loss during the three-month period ended March 31, 2019 (2018: nil).</font></div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 14</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify;">
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the condensed interim consolidated financial statements</font></div>
        <div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three-month periods ended March 31, 2019 and 2018</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (In thousands of U.S. dollars, unless otherwise stated, unaudited)</font>
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z4f75d3653d6a459db9e25c39cfd16873" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">(3)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Price risk</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
        changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial
        instruments in the market. As at March 31, 2019, the Company had certain amounts related to the sales of concentrates that have only been provisionally priced. A &#177;10% fluctuation in silver, zinc, lead, copper and gold prices would affect trade
        receivables by approximately $0.8 million.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At March 31, 2019, the Company had non-hedge commodity forward contracts for approximately 11.2 million pounds of zinc at
        $1.21 per pound to be settled within the next 12 months valued at approximately $13.6 million. The average forward prices on settlement as at March 31, 2019 was approximately $1.32 per pound with the commodities having a fair value of approximately
        $14.8 million. Accordingly, the Company recorded an unrealized loss of $1.2 million through profit or loss during the three-month period ended March 31, 2019 (2018: unrealized gain of $0.4 million).</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net amount of gain or loss on derivative instruments from non-hedge foreign exchange and commodity forward contracts recognized through
        profit or loss during the three-month period ended March 31, 2019 was loss of $1.0 million (2018: gain of $0.4 million).</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">b.&#160;&#160; Fair values</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The fair value of cash, restricted cash, trade and other payables, and other long-term liabilities approximate their carrying amounts. The
        methods and assumptions used in estimating the fair value of other financial assets and liabilities are as follows:</font></div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z10927cbe2b7d419b88a63ebf265cf105" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: center;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash and cash equivalents: The fair value of cash equivalents is valued using quoted market prices in active markets. The Company&#8217;s
                  cash equivalents consist of money market accounts held at financial institutions which have original maturities of less than 90 days.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z070048519b014d5c98012a036b14e090" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: center;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other receivables: The fair value of trade receivables from silver sales contracts that contain provisional pricing terms
                  is determined using the appropriate quoted forward price from the exchange that is the principal active market for the particular metal. As such, there is an embedded derivative feature within trade receivables.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z431bb68e8fa24ebc87c04c5d37c5d6b2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: center;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Convertible loans receivable and payable: The principal portion of the Convertible Loan Receivable is carried at fair value while
                  the principal portion of the Convertible Loans Payable is carried at amortized cost.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc1353495c0b14113a4c59a3bb36d255f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: center;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Embedded derivatives: Revenues from the sale of metals produced since the commencement of commercial production are based on
                  provisional prices at the time of shipment. Variations between the price recorded at the time of sale and the actual final price received from the customer are caused by changes in market prices for metals sold and result in an embedded
                  derivative in revenues and accounts receivable.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z5f49e3beb6c64e2e81f1c954875f5395" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: center;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Derivatives: The Company uses derivative and non-derivative instruments to manage financial risks, including commodity, interest
                  rate, and foreign exchange risks. The use of derivative contracts is governed by documented risk management policies and approved limits. The Company does not use derivatives for speculative purposes. The fair value of the Company&#8217;s
                  derivative instruments is based on quoted market prices for similar instruments and at market prices at the valuation date.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value:</font></div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zdb041a53a3434ebbb5aa35acd2c44254" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 36pt; vertical-align: top; text-align: center;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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        <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 15</font></div>
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          <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the condensed interim consolidated financial statements</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Derivative instruments</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;Convertible loan receivable</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s operations comprise of three reporting segments engaged in acquisition, exploration, development and exploration of mineral
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All revenues from sale of concentrates for the three-month periods ended March 31, 2019 and 2018 were earned in Mexico and the United States.
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    <table cellspacing="0" cellpadding="0" id="z5c047932d4554cde9585b35334a08855" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="14" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As at March 31, 2019</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="14" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As at December 31, 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Mexican</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operations</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> U.S.</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operations</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Corporate</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">and Other</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Total</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Mexican</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operations</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> U.S.</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operations</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Corporate</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">and Other</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Total</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash and cash equivalents</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,147</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">284</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,432</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,305</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">161</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,464</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other receivables</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,825</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,297</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">187</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,309</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,353</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,274</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">85</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,712</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,925</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,754</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,754</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">541</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">681</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Property, plant and equipment</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">50,881</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">44,491</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">480</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">95,852</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">52,540</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">43,856</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">46</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">96,442</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deferred tax assets</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">626</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">626</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">626</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">626</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total assets</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">75,713</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">49,969</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,948</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">129,630</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">75,612</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">49,122</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,421</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">127,155</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other payables</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,517</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,066</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,094</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,614</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,637</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,345</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Derivative instruments</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,226</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,226</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Convertible loans payable</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,445</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,445</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,972</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,972</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Promissory note</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,000</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,000</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pre-payment facility</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,693</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Post-employment benefit obligations</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,279</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,279</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,174</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,174</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,800</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,094</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,894</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Derivative warrant liability</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">667</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">667</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">711</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">711</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 20%; padding-bottom: 2px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,258</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,258</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,132</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,132</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 20%; padding-bottom: 4px;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20,279</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,447</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,831</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">46,557</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">22,096</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,451</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,412</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">42,959</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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      <div id="DSPFPageNumberArea" style="text-align: right;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;">Page 16</font></div>
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        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the condensed interim consolidated financial statements</font></div>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="14" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three-month period ended March 31, 2019</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="14" style="vertical-align: bottom; background-color: #FFFFFF;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Three-month period ended March 31, 2018</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Mexican</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operations</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> U.S.</font></div>
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Operations</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Mexican<br>
                Operations</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> U.S.</font></div>
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            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: #FFFFFF;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,989</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17,826</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,408</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,975</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20,383</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cost of sales</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(12,470</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,616</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(7,527</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(13,143</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Depletion and amortization</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,519</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(912</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(31</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,462</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,343</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(870</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,215</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
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          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(11</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(977</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exploration costs</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(531</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(71</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(602</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,711</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(72</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,783</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accretion on decommissioning provision</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(37</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(12</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(49</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(37</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(10</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(47</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(200</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(501</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(701</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(261</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(262</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Foreign exchange gain (loss)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">90</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(49</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">41</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(144</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(146</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gain (loss) on derivative instruments</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,026</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,026</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">143</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">224</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">367</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Gain on derivative warrant liability</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">59</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">59</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income (loss) before income taxes</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,822</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,296</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">551</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,011</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">836</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 20%; padding-bottom: 2px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Income tax expense</font></div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(126</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(126</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(313</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 7%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(313</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 20%; padding-bottom: 4px;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net income (loss) for the period</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,764</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,822</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,755</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,813</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,983</font></div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">551</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,011</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
          </td>
          <td valign="bottom" colspan="1" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 4px double rgb(0, 0, 0);">
            <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">523</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
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    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">c.&#160;&#160; Major customers</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;"> <br>
      </font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company sold concentrates to one customer during the three-month period ended March 31, 2019 (2018: two customers), with each customer
        accounting for 100% (2018: 56% and 44%) of revenues, respectively.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.&#160;&#160; Contingencies</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Due to the size, complexity and nature of the Company&#8217;s operations, various legal and tax matters arise in the ordinary course of business.
        The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In November 2010, the Company received a reassessment from the Mexican tax authorities related to its Mexican subsidiary, Minera Cosal&#225;, for
        the year ended December 31, 2007. The tax authorities disallowed the deduction of transactions with certain suppliers for an amount of approximately $10.2 million (MXP 196.8 million), of which $4.4 million (MXP 84.4 million) would be applied
        against available tax losses. The Company appealed this reassessment and the Mexican tax authorities subsequently reversed $4.9 million (MXP 94.6 million) of their original reassessment. The remaining $5.3 million (MXP 102.2 million) consists of
        $4.4 million (MXP 84.4 million) related to transactions with certain suppliers and $0.9 million (MXP 17.8 million) of value added taxes thereon. The Company appealed the remaining reassessment with the Mexican Tax Court in December 2011. The
        Company may be required to post a bond of approximately $0.9 million (MXP 17.8 million) to secure the value added tax portion of the reassessment. The deductions of $4.4 million (MXP 84.4 million), if denied, would be offset by available tax
        losses. The Company accrued $1.0 million (MXP 19.9 million) in the consolidated financial statements as at December 31, 2018 as a probable obligation for the disallowance of value added taxes related to the Mexican tax reassessment.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.&#160;&#160; Subsequent events</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On April 3, 2019, the Company completed the acquisition of Pershing after the shareholder vote on January 9, 2019 and finalizing the final
        regulatory requirements on April 1, 2019. The merger was completed by the Company acquiring all the outstanding common and preferred shares of Pershing through exchanging each outstanding Pershing common share for 0.715 common shares of the Company
        and exchanging each outstanding Pershing preferred share for 461.440 common or preferred shares of the Company. Outstanding Pershing options and RSUs were exchanged for the Company&#8217;s common share considerations and outstanding Pershing warrants
        became exercisable for the Company&#8217;s common shares under the same exchange ratio. The merger will be accounted for in the second quarter of 2019 as a business combination with the Company identified as the acquirer for accounting purposes.</font></div>
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        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Americas Silver Corporation</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notes to the condensed interim consolidated financial statements</font></div>
        <div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">For the three-month periods ended March 31, 2019 and 2018</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (In thousands of U.S. dollars, unless otherwise stated, unaudited)</font>
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        On April 3, 2019, the Company entered into a $25 million precious metals delivery and purchase agreement (the &#8220;Purchase Agreement&#8221;) with Sandstorm for the construction and development of Pershing&#8217;s Relief Canyon Project (the &#8220;Project&#8221;). The
        Purchase Agreement consists of a combination of fixed and variable deliveries from the Relief Canyon Project. The $25 million advance is conditional upon, among other things, commencement of construction of the Project and the associated
        development plan and operational contracts. The Company also granted a royalty over certain properties owned by these entities in the area surrounding the Relief Canyon Project to a wholly-owned subsidiary of Sandstorm.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On April 3, 2019, the Company issued a $10 million convertible debenture (the &#8220;Convertible Debenture&#8221;) to Sandstorm due April 3, 2023 with
        interest payable at 6% per annum and repayable at the Company&#8217;s option prior to maturity. The funds available under the Convertible Debenture include the principal amount of the $3 million Promissory Note previously issued to Sandstorm by the
        Company. The Convertible Debenture may be converted into common shares of the Company at Sandstorm&#8217;s option at a conversion price of $2.14.</font></div>
    <div><br>
    </div>
    On April 3, 2019, the Company entered into a subscription agreement with Sandstorm to purchase $10 million CAD of the Company&#8217;s common shares based on the 5-day volume weighted average price of the Company&#8217;s common shares<font style="font-size: 10pt;
      font-family: 'Times New Roman', Times, serif;">, resulting in the issuance of 4,784,689 of the Company&#8217;s common shares</font>.
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
    <div><br>
    </div>
    <div>
      <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On April 3, 2019, the Company along with Pierre Lassonde and two other lenders have mutually elected to convert the Company&#8217;s outstanding Convertible
        Loans Payable into common shares of the Company in accordance with the Convertible Loans Payable agreement terms<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">, resulting in the issuance of 2,763,518 of the Company&#8217;s
          common shares</font>.</div>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br>
        On April 3, 2019, the Company agreed to sell its option for the right to acquire a 100% interest of the San Felipe property with Hochschild to Premier Gold Mines Ltd. for total consideration of $10.8 million, with an initial $7.0 million payable on
        closing of the transaction, $1.9 million payable upon formal construction decision of the San Felipe property, and $1.9 million payable upon commercial production of the San Felipe property.</font></div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
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<DESCRIPTION>EXHIBIT 99.2
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.2</font><br>
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    <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">AMERICAS SILVER CORPORATION</div>
    <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</font></div>
    <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FOR THE THREE MONTHS ENDED MARCH 31, 2019</font></div>
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      <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">DATED MAY 13, 2019</font></div>
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    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Americas Silver Corporation</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Management&#8217;s Discussion and Analysis</font></div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Table of Contents</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z6b0b620578af4e86bb1dbf977c48537e">

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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Forward-Looking Statements</font></td>
            <td style="width: 10%; text-align: right;">1<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Management&#8217;s Discussion and Analysis</font></font></td>
            <td style="width: 10%; text-align: right;">2<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Overview</font></font></td>
            <td style="width: 10%; text-align: right;">2<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Recent Developments and Operational Discussion</font></font></td>
            <td style="width: 10%; text-align: right;">3<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Results of Operations</font></font></td>
            <td style="width: 10%; text-align: right;">8<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Summary of Quarterly Results</font></font></td>
            <td style="width: 10%; text-align: right;">10<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Liquidity</font></font></td>
            <td style="width: 10%; text-align: right;">10<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital Resources</font></font></td>
            <td style="width: 10%; text-align: right;">11<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Off-Balance Sheet Arrangements</font></font></td>
            <td style="width: 10%; text-align: right;">12<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Transactions with Related Parties</font></font></td>
            <td style="width: 10%; text-align: right;">12<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Risk Factors</font></font></td>
            <td style="width: 10%; text-align: right;">12<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Accounting Standards and Pronouncements</font></font></td>
            <td style="width: 10%; text-align: right;">12<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financial Instruments</font></font></td>
            <td style="width: 10%; text-align: right;">13<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital Structure</font></font></td>
            <td style="width: 10%; text-align: right;">13<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Controls and Procedures</font></font></td>
            <td style="width: 10%; text-align: right;">13<br>
            </td>
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            <td style="width: 90%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-IFRS Measures: Cash Cost per Ounce and All-In Sustaining Cost
                  per Ounce</font></font></td>
            <td style="width: 10%; text-align: right;">14<br>
            </td>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Unless otherwise indicated, in this Management Discussion and Analysis all reference to &#8220;dollar&#8221; or the use of the symbol
        &#8220;$&#8221; are to the United States of America dollar and all references to &#8220;C$&#8221; are to the Canadian dollar. Additionally, percentage changes in this Management Discussion and Analysis are based on dollar amounts before rounding.</font></div>
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    <div style="font-weight: bold;">Americas Silver Corporation<br>
    </div>
    <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
      </font></div>
    <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
      </font></div>
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    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;"> </font><br>
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    <div style="text-align: left; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Forward-Looking Statements</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 0.2pt;">
      <div>Statements contained in this MD&amp;A that are not current or historical factual statements may constitute forward-looking information or forward-looking statements within the meaning of applicable Canadian and United States securities laws. All
        statements other than statements of historical fact included in this MD&amp;A that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including without limitation, statements
        regarding any objectives, expectations, intentions, plans, results, levels of activity, goals or achievements, estimates of mineral reserves and resources, the realization of mineral reserve estimates, impairment of mining interests and
        non-producing properties, the timing and amount of estimated future production, production guidance, costs of production, capital expenditures, costs and timing of development, success of exploration and development activities, permitting
        timelines, government regulation of mining operations, environmental risks, the going concern assumption, and the timing and possible outcomes of pending disputes or litigation, negotiations or regulatory investigations are or involve
        forward-looking statements. Although forward-looking statements contained in this MD&amp;A are based on what management considers to be reasonable assumptions based on information currently available to it, there can be no assurances that actual
        events, performance or results will be consistent with these forward-looking statements, and management&#8217;s assumptions may prove to be incorrect. Generally, forward-looking statements can be identified by the use of forward-looking terminology such
        as &#8220;anticipates&#8221;, &#8220;assumes&#8221;, &#8220;believes&#8221;, &#8220;budget&#8221;, &#8220;could&#8221;, &#8220;estimates&#8221;, &#8220;expects&#8221;, &#8220;forecasts&#8221;, &#8220;guidance&#8221;, &#8220;indicates&#8221;, &#8220;intends&#8221;, &#8220;likely&#8221;, &#8220;may&#8221;, &#8220;objective&#8221;, &#8220;outlook&#8221;, &#8220;plans&#8221;, &#8220;potential&#8221;, &#8220;predicts&#8221;, &#8220;scheduled&#8221;, &#8220;should&#8221;, &#8220;target&#8221;,
        &#8220;trends&#8221;, &#8220;will&#8221;, or &#8220;would&#8221; or the negative or other variations of these words or other comparable words or phrases. This MD&amp;A and its appendices, including those set out under &#8220;Risk Factors&#8221; in this MD&amp;A, contain forward-looking
        statements including, but not limited to those relating to the Company. All such forward-looking statements are subject to important risks, uncertainties and assumptions. These statements are forward-looking because they are based on current
        expectations, estimates and assumptions. It is important to know that: (i) unless otherwise indicated, forward-looking statements in this MD&amp;A and its appendices describe expectations as at the date hereof; (ii) actual results and events could
        differ materially from those expressed or implied in the forward-looking statements in this MD&amp;A and its appendices, if known or unknown risks affect the respective businesses of the Company, or if their estimates or assumptions turn out to be
        inaccurate. As a result, the Company cannot guarantee that the results or events expressed or implied in any forward-looking statement will materialize, and accordingly, you are cautioned not to place undue reliance on these forward-looking
        statements; and (iii) the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statement even if new information becomes available, as a result of future events or for any other reason, except in
        accordance with applicable securities laws. The Company has made a number of assumptions in making forward-looking statements in this MD&amp;A and its appendices.
        <div>&#160;</div>
        <div style="text-align: justify; margin-right: 0.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The list above is not exhaustive of the factors that may affect the Company&#8217;s forward-looking statements. Some of
            the important risks and uncertainties that could affect forward-looking statements are described further in the MD&amp;A. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual
            results may vary materially from those described in the forward&#8209;looking statements.</font></div>
        <div>&#160;</div>
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          <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 1</font></div>
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        <div>
          <div style="font-weight: bold;">Americas Silver Corporation<br>
          </div>
          <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
            </font></div>
          <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
            </font></div>
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        <div style="text-align: left; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Management&#8217;s Discussion and Analysis</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This MD&amp;A of the results of operations, liquidity and capital resources of Americas Silver Corporation (&#8220;Americas Silver&#8221; or the
            &#8220;Company&#8221;) constitutes management&#8217;s review of the Company&#8217;s financial and operating performance for the three months ended March 31, 2019, including the Company&#8217;s financial condition and future prospects. Except as otherwise noted, this
            discussion is dated May 13, 2019 and should be read in conjunction with the Company&#8217;s unaudited condensed interim consolidated financial statements and the notes thereto for the three months ended March 31, 2019 and 2018. The unaudited
            condensed interim consolidated financial statements for the three months ended March 31, 2019 and 2018 are prepared in accordance with International Accounting Standards (&#8220;IAS&#8221;) 34 under International Financial Reporting Standards (&#8220;IFRS&#8221;) as
            issued by the International Accounting Standards Board. The Company prepared its latest financial statements in U.S. dollars and all amounts in this MD&amp;A are expressed in U.S. dollars, unless otherwise stated. These documents along with
            additional information relating to the Company are available on SEDAR at <u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">www.sedar.com</font></u> and on the Company&#8217;s website at <u><font style="font-size: 10pt;
                font-family: 'Times New Roman', Times, serif;">www.americassilvercorp.com</font></u>.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In this report, the management of the Company presents operating highlights for the three months ended March 31, 2019 (&#8220;Q1-2019&#8221;)
            compared to the three months ended March 31, 2018 (&#8220;Q1-2018&#8221;) as well as comments on plans for the future. Throughout this MD&amp;A, references to silver equivalent ounces produced are based on the average silver, zinc, lead and copper realized
            metal prices during each respective period, except as otherwise noted.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Securities regulators encourage companies to disclose forward-looking information to help investors understand a company&#8217;s future
            prospects. This discussion contains statements about the Company&#8217;s future financial condition, results of operations and business. See page 1 of this report for more information on forward-looking statements.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company was incorporated under the Canada Business Corporations Act on May 12, 1998 and conducts mining exploration, development and
            production in the Americas.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Overview</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has operations in two of the world's leading silver regions: the Cosal&#225; Operations in Sinaloa, Mexico and the Galena Complex
            in Idaho, USA. Subsequent to Q1-2019, the Company completed the acquisition of the Relief Canyon gold-silver development project ( &#8220;Relief Canyon&#8221;) in Nevada, USA adding a significant development project to the production profile in 2020 and
            beyond.</font></div>
        <div style="text-align: justify;"><br>
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company has operations in two of the world's leading silver regions: the Cosal&#225; Operations in Sinaloa, Mexico and the Galena Complex in Idaho,
            USA. Subsequent to Q1-2019, the Company completed the acquisition of the Relief Canyon gold-silver development project <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(&#8220;</font>Relief Canyon&#8221;) in Nevada, USA adding
            a significant development project to the production profile in 2020 and beyond.</div>
          <div><br>
          </div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In Sinaloa, Mexico, the Company operates the 100%-owned, producing, San Rafael silver-zinc-lead mine (&#8220;San Rafael&#8221;) after declaring
              commercial production in December 2017. Prior to that time, it operated the 100%-owned Nuestra Se&#241;ora silver-zinc-copper-lead mine after commissioning the Los Braceros processing facility and declaring commercial production in January 2009.
              The Cosal&#225; area land holdings also host several other known deposits, past-producing mines, and prospects including the Zone 120 silver-copper<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-gold</font> deposit
              (&#8220;Zone 120&#8221;) and the El Caj&#243;n silver-copper deposit (&#8220;El Caj&#243;n&#8221;). These properties are located in close proximity to the Los Braceros processing plant.</font></div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
      </div>
      <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In Idaho, USA, the Company operates the </font>100%-owned
            producing Galena Complex whose primary assets are the operating Galena mine, the Coeur mine, and the contiguous Caladay development project in the Coeur d&#8217;Alene Mining District of the northern Idaho Silver Valley. The Galena Complex has
            recorded production of over 230 million ounces of silver along with associated by-product metals of copper and lead over a modern production history of more than sixty years. The Coeur mine has been put on care and maintenance pending an
            improvement in the silver price.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In Nevada, USA, the Relief Canyon gold-silver development project is located approximately 95 miles northeast of Reno in Pershing County,
            Nevada.&#160;Relief Canyon includes three historic open-pit mines and a state-of-the-art, fully permitted heap-leach processing facility. The landholdings in and around Relief Canyon cover over 11,700 hectares. This land package provides the Company
            with the potential to expand the Relief Canyon Mine deposit and to explore for new discoveries close to existing processing infrastructure.</font></div>
        <div><br>
        </div>
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          <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 2</font></div>
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        <div><br>
        </div>
        <div>
          <div style="font-weight: bold;">Americas Silver Corporation<br>
          </div>
          <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
            </font></div>
          <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
            </font></div>
          <div>
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
          <div> <br>
          </div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s mission is to profitably expand its precious metals production through the development of its own projects and
            consolidation of complementary projects. The Company&#8217;s current strategy is focused on extending the mine life of its current assets through exploration, optimizing the recently developed San Rafael mine, and charting a path to profitability at
            Galena. Exploration will continue evaluating early stage targets with an emphasis on the Relief Canyon area and the Cosal&#225; District, and prospective areas near existing infrastructure at the Galena Complex.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s management and Board of Directors (the &#8220;Board&#8221;) are comprised of senior mining executives who have extensive experience
            identifying, acquiring, developing, financing, and operating precious metals deposits globally.&#160; The head office of the Company is located at 145 King Street West, Suite 2870, Toronto, Ontario, Canada, M5H 1J8. The Company is a reporting issuer
            in the jurisdictions of Ontario, British Columbia, Alberta, and Quebec, and is listed on the TSX trading under the symbol &#8220;USA&#8221; and on the NYSE American trading under the symbol &#8220;USAS&#8221;.</font></div>
        <br>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Recent Developments and Operational Discussion</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; font-style: italic;">Q1-2019 Highlights</font></div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zb46508f0fdc446d5b5a84be34bda99f7" class="DSPFListTable">

              <tr>
                <td style="width: 35.7pt; vertical-align: top; text-align: center;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Consolidated production of 1.8 million silver equivalent ounces, an increase of 9% year-over-year, including 0.4 million silver
                      ounces.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zc0d66b90f77043aa932f8701e291fb7c" class="DSPFListTable">

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                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#8226;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenue of $17.8 million and net loss of $2.8 million for Q1-2019 or ($0.06) per share, a decrease of $2.6 million in revenue
                      and an increase in the net loss of $3.3 million compared to Q1-2018. The Company&#8217;s profitability was negatively impacted by lower silver, zinc and lead realized prices, and non-reoccurring expenses related to the acquisition of
                      Pershing Gold Corporation.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="za61d563fd99c4b968632d428302e28cc" class="DSPFListTable">

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                <td style="width: 35.7pt; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#8226;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Consolidated by-product production totalling 11.3 million pounds of zinc and 8.2 million pounds of lead, representing increases
                      of 54% and 8%, respectively.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z136aec99bff241d7862c73f060220e06" class="DSPFListTable">

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                <td style="width: 36pt; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#8226;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cost of sales of $7.11/oz. equivalent silver, by-product cash <font style="font-size: 10pt; font-family: 'Times New Roman',
                        Times, serif;">cost</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font>of negative ($0.50/oz.) silver, all-in sustaining cost<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> of $5.54/oz. silver for Q1-2019,
                      representing year-over-year decreases of 13% and 10% in cost of sales per equivalent silver ounce and all-in sustaining cost per ounce, respectively, and an increase of 82% in by-product cash cost per ounce.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z5460010c536748acb6947a89a669b64c" class="DSPFListTable">

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                <td style="width: 35.7pt; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: Symbol,serif;">&#8226;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company had a cash balance of $3.4 million and working capital balance of $5.2 million as at March 31, 2019.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Subsequent to Q1-2019, the Company announced the following:</font></div>
        <div>&#160;</div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zf76098183bab4888b6caaed5bb8eb8bc" class="DSPFListTable">

              <tr>
                <td style="width: 36pt; vertical-align: top; text-align: center;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Completion of the acquisition of Pershing Gold Corporation (&#8220;Pershing Gold&#8221;) on April 3, 2019 (the &#8220;Pershing Gold
                      Acquisition&#8221;).</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zc4934fe3097f475bb6377b02bf27c8fa" class="DSPFListTable">

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                <td style="width: 35.7pt; vertical-align: top; text-align: center;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">Entering into financing agreements with Sandstorm Gold Ltd. (&#8220;Sandstorm&#8221;) for gross proceeds of approximately $42.5 million to fund the <font style="font-size: 10pt; font-family: 'Times New Roman',
                      Times, serif;">development</font> of mining and heap leaching at Relief Canyon.</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zd22b014ff10c486ebe0c132a50663d92" class="DSPFListTable">

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                <td style="width: 35.7pt; vertical-align: top; text-align: center;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;">
                    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Board approval to commence construction of Relief Canyon with <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">first
                        gold pour expected in late Q4-2019</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</font></div>
                    <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="za671000a9787494cbd297a90abc39a73" class="DSPFListTable">

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                <td style="width: 35.7pt; vertical-align: top; text-align: center;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Preliminary feasibility study and initial mineral reserve estimate for a combined operation at its 100% owned <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">El Caj&#243;n and Zone 120 silver-copper deposits highlighted by probable mineral reserve of 2.9 million tonnes containing 14.5 million ounces of silver and 26.5
                        million pounds of copper</font>.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z734761eee3b4436abec1ae377dfaf599" class="DSPFListTable">

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                <td style="width: 35.7pt; vertical-align: top; text-align: center;">&#8226;</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company agreed to sell its option for the right to acquire a 100% interest of the San Felipe property to Premier Gold Mines
                      Ltd. for total consideration of $10.8 million.</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div>
          <hr noshade="noshade" align="left" style="height: 1px; width: 20%; color: #000000; background-color: #000000; text-align: left; margin-left: 0px; margin-right: auto; border: none;">
          <div> <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Cash cost per ounce and all-in sustaining cost per ounce are non-IFRS performance measures with no standardized definition. For further information
              and detailed reconciliations, please refer to &#8220;Non-IFRS Measures: Cash Cost per Ounce and All-In Sustaining Cost per Ounce&#8221; section in this MD&amp;A.</font></div>
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            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 3</font></div>
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          <div>
            <div style="font-weight: bold;"> <br>
            </div>
            <div style="font-weight: bold;">Americas Silver Corporation<br>
            </div>
            <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
              </font></div>
            <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
              </font></div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
            <div> <br>
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          </div>
        </div>
        <div style="text-align: left; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; font-style: italic;">Consolidated Operations</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Fiscal 2019 began with a record quarter from the Company&#8217;s San Rafael mine at the <font style="font-size: 10pt; font-family: 'Times New
              Roman', Times, serif;">Cosal&#225; Operations. </font>Consolidated silver equivalent production increased 9% to approximately 1.8 million ounces compared to production of 1.6 million ounces during Q1-2018. Consolidated silver production for
            Q1-2019 was 0.4 million silver ounces which was comparable to Q1-2018. The record results at the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cosal&#225; Operations</font> were driven by sustained improvements in
            mill throughput, grade, and metal recovery to concentrate with San Rafael sustaining an average milling rate of approximately 1,750 tonnes per operating day, cumulatively resulting in 54% greater zinc and 73% greater lead production. These
            results were tempered by continuing operational challenges experienced at the Galena Complex from unplanned mill downtime, due to problems with the mill pinion bearing in January, and the loss of two high-tonnage stopes in February and March,
            resulting in a cumulative loss of approximately one month&#8217;s production during Q1-2019. Performance at the Galena Complex is slowly improving and is anticipated to return to expected levels by the end of Q2-2019.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Metal prices began in 2019 with increasing precious and base metal prices when compared to end of 2018 while still being lower than
            corresponding metal prices in Q1-2018. Year-over-year, the silver spot price decreased from an average of $16.77/oz. in Q1-2018 to an average of $15.57/oz. in Q1-2019. The zinc spot price decreased from an average of $1.55/lb. in Q1-2018 to an
            average of $1.23/lb. in Q1-2019, while lead spot price decreased from an average of $1.14/lb. in Q1-2018 to an average of $0.92/lb. in Q1-2019.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">In Q1-2019, consolidated costs of sales were $7.11/oz. equivalent silver, by-product cash costs were negative ($0.50/oz.) silver, and
            all-in sustaining costs were $5.54/oz. silver, representing year-over-year decreases of 13% and 10%, in cost of sales and all-in sustaining costs, respectively, and increase of 82% in by-product cash costs. The increase in cash costs was
            primarily a result of the operational challenges experienced at the Galena Complex along with lower realized prices recognized on silver, zinc, and lead during Q1-2019 compared to Q1-2018.</font></div>
        <div><br>
        </div>
        The Company&#8217;s profitability was negatively impacted in Q1-2019 by the lower silver, zinc and lead prices noted above and by non-reoccurring charges associated with the Pershing Gold Acquisition<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif;">, specifically</font> transaction costs <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">($</font>1.0 million<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">),</font>
        and incremental interest and financing costs related to the convertible loans payable and promissory note <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">($</font><font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif;">0.</font>5 million<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">).</font> The Company also had unrealized losses on non-hedge zinc forward contracts <font style="font-size: 10pt; font-family:
          'Times New Roman', Times, serif;">($</font>1.2 million<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font> during the quarter. Adjusting for these items, the net loss would have been approximately $0.1 million.
        <div> </div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Significant Subsequent Events</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On April 3, 2019, the Company completed the Pershing Gold Acquisition originally announced on September 28, 2018, after completing the
            shareholder vote on January 9, 2019 and final regulatory conditions on April 1, 2019. The Company now owns 100% of the outstanding Pershing Gold shares with Pershing Gold becoming a wholly-owned subsidiary of the Company.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On April 3, 2019, the Company entered into a $42.5 million financing package with Sandstorm which is anticipated to fully fund the
            development of Relief Canyon to production. The financing package consists of a $25 million precious metals delivery and purchase agreement for construction and development, a $10 million convertible debenture, and a subscription agreement for
            Sandstorm to purchase C$10 million of the Company&#8217;s common shares. As part of the financing package, the Company granted a royalty over certain properties in the area surrounding Relief Canyon to a wholly-owned subsidiary of Sandstorm. Further
            details on the Pershing Gold Acquisition and Sandstorm financing package can be found on the Company&#8217;s website at <u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">www.americassilvercorp.com</font></u>. The
            content of Americas Silver&#8217;s website and information accessible through the website do not form part of this MD&amp;A.</font></div>
        <div><br>
        </div>
        In connection with the closing of the Pershing Gold Transaction, the Company&#8217;s Board gave approval to commence construction of the expanded mining and heap leaching facilities at Relief Canyon. The capital cost to develop Relief Canyon to initial
        gold pour is estimated to be approximately <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$28 - $30 million with an additional $8 million in working capital required to </font><font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif;">sustainable</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> positive cash flow. This working capital is primarily for pre-commercial production operating costs.
          The Company expects to achieve first gold pour from Relief Canyon in late Q4-2019.</font>
        <div> </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 4</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div>
          <div style="font-weight: bold;">Americas Silver Corporation<br>
          </div>
          <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
            </font></div>
          <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
            </font></div>
          <div>
            <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
        </div>
        <div><br>
        </div>
        On April 3, 2019, the Company, along with Pierre Lassonde and two other lenders, mutually elected to convert the Company&#8217;s outstanding C$5.5 million convertible debentures into common shares of the Company in accordance with the terms of the
        agreement<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">, resulting in the issuance of 2,763,518 of the Company&#8217;s common shares.</font>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On April 3, 2019, the Company announced results of a Preliminary Feasibility Study (&#8220;PFS&#8221;) and initial mineral reserve estimate prepared
            internally for a combined operation at its 100% owned <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">El Caj&#243;n and Zone 120 silver-copper deposits (&#8220;EC120&#8221;) located near Cosal&#225;, Sinaloa, Mexico. The PFS highlights
              estimated probable mineral reserve of 2.9 million tonnes with a grade of 157 g/t silver and 0.42% copper,&#160; containing 14.5 million ounces of silver and 26.5 million pounds of copper or average annual metal production of 2.5 million ounces of
              silver and 4.6 million pounds of copper over a 5-year mine life. EC120 has a pre-tax net present value of approximately $43 million and internal rate of return of 61% and an after-tax net present value of approximately $33 million and
              internal rate of return of 47%, all assuming a 5% discount rate. Initial capital expenditures are expected to be approximately $17 million, excluding working capital and pre-production operating costs net of revenue, with life of mine
              sustaining capital expected to be approximately $15 million. The base case economics for EC120 are presented at long-term consensus prices of $17.50/oz. silver and $3.00/lb. copper.&#160; Permits are in place to allow development to begin, however
              due to market conditions the Company has not made a production decision.</font></font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Readers are encouraged to read the related technical report in its entirety once filed on the Company&#8217;s SEDAR profile at <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">www.sedar.com</font> and on the Company&#8217;s website at <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">www.americassilvercorp.com</font>. The
            content of Americas Silver&#8217;s website and information accessible through the website do not form part of this MD&amp;A.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On April 3, 2019, the Company agreed to sell its option for the right to acquire a 100% interest of the San Felipe property with
            Hochschild Mexico S.A. de C.V. to Premier Gold Mines Ltd. for total consideration of $10.8 million, with an initial $7.0 million payable on closing of the transaction. The remainder of the consideration is payable as follows: $1.9 million upon
            formal construction decision of the San Felipe property, and $1.9 million upon commercial production of the San Felipe property.</font></div>
        <div><br>
        </div>
        <div style="text-align: left; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; font-style: italic;">Consolidated Results and Developments</font></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zc2257c950b17440d9a88678c9e643f97">

            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1-2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1-2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenues ($ M)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver Produced (oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">393,824</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">397,035</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Zinc Produced (lbs)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,263,623</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,332,978</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lead Produced (lbs)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,211,429</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,624,685</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total Silver Equivalent Produced (oz)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,754,839</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,613,711</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cost of Sales/Ag Eq Oz Produced ($/oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.11</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.14</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash Cost/Ag Oz Produced ($/oz)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.50</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.73</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All-In Sustaining Cost/Ag Oz Produced ($/oz)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.54</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.17</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net Income (Loss) ($ M)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Comprehensive Income (Loss) ($ M)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zdbcaa9901e0d43918faab6272a063fa4">

              <tr>
                <td style="width: 2%;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></td>
                <td style="width: 98%;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Throughout this MD&amp;A, silver equivalent production was calculated based on average silver, zinc, and lead realized prices during each respective period.</font>
                    <br>
                  </div>
                </td>
              </tr>
              <tr>
                <td style="width: 2%;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></td>
                <td style="width: 98%;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Refer to &#8220;Non-IFRS Measures: Cash Cost per Ounce and All-In Sustaining Cost per Ounce&#8221; section in this MD&amp;A.</font> <br>
                  </div>
                </td>
              </tr>

          </table>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 5</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div>
          <div>
            <div style="font-weight: bold;">Americas Silver Corporation<br>
            </div>
            <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
              </font></div>
            <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
              </font></div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
          </div>
          <div style="text-align: justify;"><br>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">During Q1-2019, the Company produced 1,754,839 silver equivalent ounces, including 393,824 ounces of silver, at cost of sales of
                $7.11/oz. equivalent silver, by-product cash cost of negative ($0.50/oz.) silver, and all-in sustaining cost of $5.54/oz. silver. These results compare to 1,613,711 silver equivalent ounces, including 397,035 ounces of silver, at cost of
                sales of $8.14/oz. equivalent silver, by-product cash cost of negative ($2.73/oz.) silver, and all-in sustaining cost of $6.17/oz. silver during Q1-2018, a 9% and 82% increase in production of silver equivalent ounces and by-product cash
                cost per ounce, respectively, and a 1%, 13%, and 10% decrease in production of silver ounces, cost of sales per equivalent silver ounce, and all-in sustaining cost per ounce, respectively.</font></div>
            <div><br>
            </div>
          </div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Consolidated silver production during Q1-2019 was comparable to Q1-2018 while consolidated silver equivalent production during Q1-2019
            was higher by 9% compared to Q1-2018. The increase in production was the result of increased milled tonnage, head grade, and metal recoveries at the<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Cosal&#225;</font>
            Operations with mill throughput increasing by over 24% year-over-year with San Rafael sustaining an average milling rate of approximately 1,750 tonnes per operating day. The production increase was offset by continuing operational challenges at
            the Galena Complex limiting its silver and silver equivalent production.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As a result of decreased silver equivalent production at the Galena Complex, revenues decreased by $2.6 million or 13% from $20.4 million
            during Q1-2018 to $17.8 million during Q1-2019. Net loss increased by $3.3 million from a $0.5 million net income during Q1-2018 to a $2.8 million net loss during Q1-2019. Increase in net loss was primarily attributable to transaction costs,
            lower net revenue from decreased metal prices and increased treatment and refining charges, higher depletion and amortization, and higher loss on derivative instruments, offset by lower cost of sales, lower corporate general and administrative
            expense, and lower exploration costs. The Company generated cash from operating activities before non-cash working capital items of $2.6 million during Q1-2019 compared to $3.7 million during Q1-2018. These variances are further discussed in
            the following sections.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; font-style: italic;">Cosal&#225; Operations</font></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z1e05cba6a1c3467d840d0b59db02b04e">

            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1-2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1-2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Tonnes Milled</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">152,605</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">123,285</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver Grade (g/t)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">57</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">42</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Zinc Grade (%)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.16</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.42</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lead Grade (%)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.82</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.39</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver Recovery (%)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">61.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">47.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Zinc Recovery (%)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">80.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">78.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lead Recovery (%)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">75.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">70.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver Produced (oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">173,169</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">79,382</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Zinc Produced (lbs)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,263,623</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,332,978</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lead Produced (lbs)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,626,233</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,679,485</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total Silver Equivalent Produced (oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,322,045</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">948,081</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver Sold (oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">172,995</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">84,369</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Zinc Sold (lbs)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,864,404</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,259,622</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lead Sold (lbs)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,682,695</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,837,487</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Realized Silver Price ($/oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15.70</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.73</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Realized Zinc Price ($/lb)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.22</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.55</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Realized Lead Price ($/lb)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.92</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.17</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cost of Sales/Ag Eq Oz Produced ($/oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.34</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.92</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash Cost/Ag Oz Produced ($/oz)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(30.48</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(59.52</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All-In Sustaining Cost/Ag Oz Produced ($/oz)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(25.85</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(36.28</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>

        </table>
        <div><br>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                <tr>
                  <td style="width: 2%;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></td>
                  <td style="width: 98%;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Zinc and lead grades only refer to grades from silver-zinc-lead ores.</font> <br>
                    </div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 2%;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></td>
                  <td style="width: 98%;">
                    <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Refer to &#8220;Non-IFRS Measures: Cash Cost per Ounce and All-In Sustaining Cost per Ounce&#8221; section in this MD&amp;A.</font> <br>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 6</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
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        <div><br>
        </div>
        <div>
          <div>
            <div style="font-weight: bold;">Americas Silver Corporation<br>
            </div>
            <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
              </font></div>
            <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
              </font></div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
          </div>
          <div style="text-align: justify;"><br>
          </div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cosal&#225; Operations</font> processed 152,605 tonnes of
            ore at an average grade of 57 g/t of silver to produce 173,169 ounces of silver at cost of sales of $4.34/oz. equivalent silver, by-product cash cost of negative ($30.48/oz.) silver, and all-in sustaining cost of negative ($25.85/oz.) silver
            during Q1-2019. These results compare to 123,285 tonnes of ore at an average grade of 42 g/t of silver to produce 79,382 ounces of silver at cost of sales of $5.92/oz. equivalent silver, by-product cash cost of negative ($59.52/oz.) silver, and
            all-in sustaining cost of negative ($36.28/oz.) silver during Q1-2018, a 24%, 118%, 49%, and 29% increase in tonnes of ore milled, ounces of silver produced, by-product cash cost per ounce, and all-in sustaining cost per ounce, respectively,
            and a 27% decrease in cost of sales per equivalent silver ounce. Silver equivalent production at the Cosal&#225; Operations increased to 1,322,045 ounces from 948,081 ounces due to the production of 11.3 million pounds of zinc and 4.6 million pounds
            of lead, increases of 54% and 73%, respectively. Silver recovery to concentrate was 61.7% in Q1-2019 (Q1-2018 &#8211; 47.9%).</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Strong results at the <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cosal&#225; Operations</font> were driven
            by sustained improvements in head grade of both silver and by-product metals, mill throughput, and metal recovery to concentrate during the quarter with site expenditures meeting expectations. Ore production from the Main Zone benefited from
            the additional working headings compared to prior quarters providing greater operational flexibility. Development of the incline ramp toward San Rafael&#8217;s Upper Zone resumed and is advancing ahead of plan. Access to the Upper Zone will allow for
            further improvements in head grade by early 2020. Further, mined head grades exceeded expected head grades during Q1-2019. Any potential return to expected head grades over the remainder of the year are expected to be largely offset by further
            gains in mill throughput and metal recovery as additional flotation capacity is installed by the end of Q2-2019.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Realized silver price of $15.70/oz. for Q1-2019 (Q1-2018 &#8211; $16.73/oz.) is comparable to the average London silver spot price of
            $15.57/oz. for Q1-2019 (Q1-2018 &#8211; $16.77/oz.). The realized silver price decreased by 6% from Q1-2018 to Q1-2019 with zinc and lead prices both decreasing by 21% each during the period. Realized silver price is a measurement of gross silver
            revenues over silver ounces sold during the period, excluding unrealized mark-to-market gains and losses on provisional pricing and treatment and refining charges.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; font-style: italic;">Galena Complex</font></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z0eb60e45c69540dfbd0ae6afbcd7e5d8">

            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
              </td>
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              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1-2018</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver Grade (g/t)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lead Grade (%)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver Recovery (%)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">96.2</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lead Recovery (%)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">92.5</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">91.2</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver Produced (oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">220,655</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">317,653</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lead Produced (lbs)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,585,196</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,945,200</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total Silver Equivalent Produced (oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">432,794</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">665,630</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver Sold (oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">207,168</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">320,280</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lead Sold (lbs)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,285,576</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,057,744</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Realized Silver Price ($/oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15.74</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.61</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Realized Lead Price ($/lb)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.93</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.17</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cost of Sales/Ag Eq Oz Produced ($/oz)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15.55</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.31</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash Cost/Ag Oz Produced ($/oz)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.03</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.46</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All-In Sustaining Cost/Ag Oz Produced ($/oz)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30.17</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.78</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 2%;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></td>
                    <td style="width: 98%;">
                      <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Refer to &#8220;Non-IFRS Measures: Cash Cost per Ounce and All-In Sustaining Cost per Ounce&#8221; section in this MD&amp;A.</font> <br>
                      </div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 7</font></div>
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        </div>
        <div><br>
        </div>
        <div>
          <div>
            <div style="font-weight: bold;">Americas Silver Corporation<br>
            </div>
            <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
              </font></div>
            <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
              </font></div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
          </div>
          <div style="text-align: justify;"><br>
            <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Galena Complex processed 29,424 tonnes of ore at an average grade of 242 g/t of silver to produce 220,655 ounces of silver at
                cost of sales of $15.55/oz. equivalent silver, by-product cash cost of $23.03/oz. silver, and all-in sustaining cost of $30.17/oz. silver during Q1-2019, compared to 40,590 tonnes of ore at an average grade of 256 g/t of silver to produce
                317,653 ounces of silver at cost of sales of $11.31/oz. equivalent silver, by-product cash cost of $11.46/oz. silver, and all-in sustaining cost of $16.78/oz. silver during Q1-2018, a 28% and 31% decrease in tonnes of ore milled and ounces
                of silver produced, respectively, and a 38%, 101%, and 80% increase in cost of sales per equivalent silver ounce, by-product cash cost per ounce, and all-in sustaining cost per ounce, respectively. Silver equivalent production at the Galena
                Complex decreased to 432,794 ounces from 665,630 ounces due to the production of 3.6 million pounds of lead, a decrease of 28%.</font></div>
            <div><br>
            </div>
          </div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Unplanned mill downtime due to problems with the mill pinion bearing at the Galena Complex in January set the year off on a challenging
            note; however, the underlying issues were successfully resolved during the Q1-2019. Performance trended back up until two separate ground falls delayed production from two high-tonnage stopes in late February. The cumulative impact of the mill
            downtime and the ground falls was the loss of nearly one month&#8217;s production during Q1-2019. Performance is slowly improving in early Q2-2019 and should return to expected levels by the end of the quarter.&#160; Management remains committed to
            returning the operation to an acceptable level of performance.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Realized silver price of $15.74/oz. for Q1-2019 (Q1-2018 &#8211; $16.61/oz.) is comparable to the average London silver spot price of
            $15.57/oz. for Q1-2019 (Q1-2018 &#8211; $16.77/oz.). The realized silver price decreased by 5% from Q1-2018 to Q1-2019 with zinc and lead prices both decreasing by 21% during the period. Realized silver price is a measurement of gross silver revenues
            over silver ounces sold during the period, excluding unrealized mark-to-market gains and losses on provisional pricing and treatment and refining charges.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold; font-style: italic;">Guidance</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s guidance for 2019 remains at production of 1.6 - 2.0 million silver ounces and 6.6 <font style="font-size: 10pt;
              font-family: 'Times New Roman', Times, serif;">-</font> 7.<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0</font> million silver equivalent ounces at cost of sales of $8.00 to $10.00/oz. equivalent silver, cash
            costs of $4.00 to $6<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.00</font>/oz. silver, and all-in sustaining costs of $1<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0</font>.00 to
            $12<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.00</font>/oz. silver, including budgeted capital of $10 - $11 million for the existing operations<font style="font-size: 10pt; font-family: 'Times New Roman',
              Times, serif;">.</font> The Company assumed $14.50/oz. silver, $1.15/lb. zinc, $0.90/lb. lead, and an exchange rate of 19 Mexican pesos to U.S. dollar for these guidance estimates.</font></div>
        <div><br>
        </div>
        The capital cost to develop Relief Canyon to initial gold pour is estimated to be approximately $28 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font> $30 million with an additional $8 million in working capital
        required to <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">sustainable</font> positive cash flow. This working capital is primarily for pre-commercial production operating costs. The Company expects to achieve first
        gold pour from Relief Canyon in late Q4<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font>2019.
        <div> </div>
        <div><br>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Results of Operations</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Analysis of the three months ended March 31, 2019 vs. the three months ended March 31, 2018</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company recorded net loss of $2.8 million for the three months ended March 31, 2019 compared to net income of $0.5 million for the
            three months ended March 31, 2018. The increase in net loss was primarily attributable to lower net revenue from decreased metal prices and increased treatment and refining charges ($2.6 million), higher depletion and amortization ($1.2
            million), transaction costs ($1.0 million), and higher loss on derivative instruments ($1.4 million), offset by lower cost of sales ($0.6 million), lower corporate general and administrative expense ($1.0 million), and lower exploration costs
            ($1.2 million), each of which are described in more detail below.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Revenue</font>
            decreased by $2.6 million from $20.4 million for the three months ended March 31, 2018 to $17.8 million for the three months ended March 31, 2019. Revenue fell $4.0 million due to decreases in silver and lead revenue at the Galena Complex
            resulting from both reduced metal production and lower realized commodity prices. This was partially offset by $1.4 million in increased silver and by-product revenues from increased production of all metals at the <font style="font-size:
              10pt; font-family: 'Times New Roman', Times, serif;">Cosal&#225; Operations, despite significant reductions in silver, zinc and lead prices between the periods. There were also significant increases in treatment and refining charges on zinc
              concentrates at Cosal&#225; with the treatment charges on the spot market increasing from approximately $21/tonne to over $235/tonne over the past year.</font></font></div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 8</font></div>
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        </div>
        <div><br>
        </div>
        <div>
          <div>
            <div style="font-weight: bold;">Americas Silver Corporation<br>
            </div>
            <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
              </font></div>
            <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
              </font></div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
          </div>
          <div style="text-align: justify;"><br>
          </div>
        </div>
        <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Cost of Sales</font> decreased marginally by $0.6 million from $13.1 million for the three months ended March 31, 2018 to $12.5
        million for the three months ended March 31, 2019. This<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> decrease</font> is primarily due to a $0.8 million reduction in<font style="font-size: 10pt; font-family: 'Times
          New Roman', Times, serif;"> cost of sales from the Galena Complex mainly due to the decrease in ore production and processing during the period. The reduction was offset by a $0.1 million increase in cost of sales from the Cosal&#225; Operations,
          which was mainly due to the increase in ore production and processing during the period.</font>
        <div> </div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Depletion and
              amortization</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>increased by $1.2 million from $2.2 million for the three months ended March 31, 2018 to $3.4 million for the three
            months ended March 31, 2019. The increase is primarily due to San Rafael achieving its goal of sustaining a milling rate of over 1,700 tonnes per day in late 2018, which resulted in a higher depletion rate based on units of production compared
            to prior period when San Rafael was ramping up its milling rates.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Transaction costs</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>of $1.0 million were incurred during the three months ended March 31, 2019 consisting of legal, accounting, and regulatory charges associated
            with the Pershing Gold Acquisition and financing arrangements.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Exploration costs</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>decreased by $1.2 million from $1.8 million for the three months ended March 31, 2018 to $0.6 million for the three months ended March 31, 2019.
            The change is due to decreased Zone 120 exploration drilling at the Cosal&#225; Operations when comparing the periods.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Corporate general and
              administrative expenses</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>decreased by $1.0 million from $2.2 million for the three months ended March 31, 2018 to $1.2 million for
            the three months ended March 31, 2019. The change is mainly due to a decrease in share-based payments when comparing the periods.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Interest and
              financing expense</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>increased by $0.4 million from $0.3 million for the three months ended March 31, 2018 to $0.7 million for the
            three months ended March 31, 2019. The increase is primarily due to interest and deferred costs related to the outstanding convertible loans payable during the period.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Loss on derivative
              instruments</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>increased by $1.4 million from a $0.4 million gain for the three months ended March 31, 2018 to a $1.0 million loss for
            the three months ended March 31, 2019. The change is primarily due to an increase in unrealized losses from commodity forward contracts on by-product metal production during the period.</font></div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 9</font></div>
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        </div>
        <div><br>
        </div>
        <div>
          <div>
            <div style="font-weight: bold;">Americas Silver Corporation<br>
            </div>
            <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
              </font></div>
            <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
              </font></div>
            <div>
              <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
          </div>
          <div style="text-align: justify;"><br>
          </div>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Summary of Quarterly Results</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table presents a summary of the consolidated operating results for each of the most recent eight quarters ending with March
            31, 2019.</font></div>
        <div><br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z8b3a73bb56584032b1d02473eb7efb45">

            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1"><br>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2017</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Revenues ($ M)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">20.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; padding-bottom: 2px; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Net Income (Loss) ($ M)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td style="border-bottom: 2px solid #000000; vertical-align: bottom; width: 1%; padding: 0px 0px 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.4</font></div>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.8</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.9</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Comprehensive Income (Loss) ($ M)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3.2</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 1%; padding-top: 0px; padding-right: 0px; padding-left: 0px;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6.2</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5.8</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.3</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.8</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.8</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.9</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.8</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver Produced (oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">393,824</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">395,294</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">323,497</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">301,711</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">397,035</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">409,545</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">564,833</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">557,892</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Zinc Produced (lbs)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11,263,623</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10,223,692</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,906,601</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,756,201</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,332,978</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,895,670</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,433,961</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,904,374</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Lead Produced (lbs)</font></div>
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              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8,211,429</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,088,862</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,536,660</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,216,592</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,624,685</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,427,357</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,369,482</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,435,048</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Copper Produced (lbs)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">78,541</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">507,285</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">273,475</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cost of Sales/Ag Eq Oz Produced ($/oz)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.11</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.87</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.08</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.20</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.14</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.16</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.17</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.00</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash Cost/Ag Oz Produced ($/oz)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.50</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.14</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.95</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(6.15</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.73</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.75</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.61</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.21</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">All-In Sustaining Cost/Ag Oz Produced ($/oz)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.54</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.78</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15.94</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.40</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.17</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.20</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15.92</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.65</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Current Assets (qtr. end) ($ M)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">32.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">25.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">25.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">26.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">29.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Current Liabilities (qtr. end) ($ M)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">27.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Working Capital (qtr. end) ($ M)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">18.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total Assets (qtr. end) ($ M)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">129.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">127.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">125.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">130.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">128.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">126.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">126.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">127.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total Liabilities (qtr. end) ($ M)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">46.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">43.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">36.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">35.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">38.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">38.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">38.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">38.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 20%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total Equity (qtr. end) ($ M)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">83.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">84.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">89.7</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">94.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">90.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">88.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">87.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 7%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">89.1</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;">
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                    <tr>
                      <td style="width: 2%;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></td>
                      <td style="width: 98%;">
                        <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Refer to &#8220;Non-IFRS Measures: Cash Cost per Ounce and All-In Sustaining
                              Cost per Ounce&#8221; section in this MD&amp;A.</font></font> <br>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div><br>
          </div>
          <div><br>
          </div>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Liquidity</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The change in cash since December 31, 2018 can be summarized as follows (in millions of U.S. dollars):</font></div>
        <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zb0bc186d824445b9868cde28999a2025">

            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Opening cash balance as at December 31, 2018</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%;">
                <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cash generated from operations</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%;">
                <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Expenditures on property, plant and equipment</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%;">
                <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Repayments to pre-payment facility</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%;">
                <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investment in convertible loan receivable</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.8</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%;">
                <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Financing from promissory note</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.0</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%;">
                <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Proceeds from exercise of warrants</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%;">
                <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Increase in trade and other receivables</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1.6</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%;">
                <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Change in inventories</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.9</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 88%;">
                <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Increase in trade and other payables</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">0.2</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 88%; padding-bottom: 2px;">
                <div style="text-align: left; text-indent: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Effect of foreign exhange rate changes</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.3</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 88%; padding-bottom: 4px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Closing cash balance as at March 31, 2019</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.4</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s cash balance decreased from $3.5 million to $3.4 million mainly due to $2.3 million on expensed exploration at the
            Company&#8217;s operations, expenditures of property, plant and equipment at both Cosal&#225; Operations and Galena Complex, repayments on outstanding pre-payment facility with Glencore, and net financing from convertible loans, offset by financing from
            the Sandstorm promissory note and proceeds received from exercise of warrants. Current liabilities as at March 31, 2019 were $27.4 million which is $4.1 million higher than at December 31, 2018 mainly due to $3.0 million financing from the
            above mentioned promissory note, and $0.5 million increase in convertible loans during the period.</font></div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 10</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div><br>
        </div>
        <div>
          <div>
            <div>
              <div style="font-weight: bold;">Americas Silver Corporation<br>
              </div>
              <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
                </font></div>
              <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
                </font></div>
              <div>
                <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
            </div>
            <div style="text-align: justify;"><br>
            </div>
          </div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company operates in a cyclical industry where cash flow has historically been correlated to market prices for commodities. The
            Company&#8217;s cash flow is dependent upon its ability to achieve profitable operations, obtain adequate equity or debt financing, or, alternatively, dispose of its non-core properties on an advantageous basis to fund its near-term operations,
            development and exploration plans, while meeting production targets at current commodity price levels.&#160;Management evaluates viable financing alternatives to ensure sufficient liquidity including debt instruments, concentrate offtake agreements,
            sales of non-core assets, private equity financing, sale of royalties on its properties, metal streaming arrangements, and the issuance of equity. The Company believes that it has sufficient cash flow to fund its 2019 operations, development,
            and exploration plans while meeting production targets at current commodity price levels. In the longer term, as the Cosal&#225; Operations and Galena Complex are optimized and the outlook for gold, silver, zinc, and lead prices remain positive, the
            Company believes that cash flows will be sufficient to fund ongoing operations.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s financial instruments consist of cash, trade receivables, restricted cash, long-term investments, trade and other payables,
            credit facilities, and other long-term liabilities. The fair value of these financial instruments approximates their carrying values, unless otherwise noted. The Company is not exposed to significant interest or credit risk arising from
            financial instruments. The majority of the funds of the Company are held in accounts at major banks in Canada, Mexico and the United States.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s liquidity has been, and will continue to be, impacted by pension funding commitments as required by the terms of the
            defined benefit pension plans offered to both its hourly and salaried workers (See note 12 in the audited consolidated financial statements of the Company and the notes thereto for the year ended December 31, 2018). Although both pension plans
            are under-funded due to actuarial losses incurred from market conditions and changes in discount rates, the Company intends to fund to the minimum levels required by applicable law. The Company currently estimates total annual funding
            requirements for both Galena Complex pension plans to be approximately $0.7 million per year for each of the next 5 years, with approximately $0.5 million to spend for the remainder of 2019 (as of May 13, 2019).</font></div>
        <div style="text-align: justify;"><br>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Capital Resources</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s cash flow is dependent on delivery of its concentrates to market. The Company&#8217;s contracts with the concentrate purchasers
            provide for provisional payments based on timing of concentrate deliveries. The Company has not had any problems collecting payments from concentrate purchasers in a reliable and timely manner and expects no such difficulties in the foreseeable
            future. However, this cash flow is dependent on continued mine production which can be subject to interruption for various reasons including fluctuations in metal prices and concentrate shipment difficulties. Additionally, unforeseen cessation
            in the counterparty&#8217;s capabilities could severely impact the Company&#8217;s capital resources.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company made capital expenditures of $2.3 million during the three months ended March 31, 2019 and $4.0 million for the same period
            of 2018, of which $1.8 million was spent towards drilling and underground development costs, while $0.5 million was spent on purchase of property, plant and equipment. The Company expects funding of fiscal 2019 capital expenditures other than
            Relief Canyon to be provided from internally-generated, operating cash flow from the San Rafael mine.</font></div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 11</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
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        </div>
        <div><br>
        </div>
        <div>
          <div>
            <div>
              <div style="font-weight: bold;">Americas Silver Corporation<br>
              </div>
              <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
                </font></div>
              <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
                </font></div>
              <div>
                <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
            </div>
            <div style="text-align: justify;"><br>
            </div>
          </div>
        </div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The following table sets out the Company&#8217;s contractual obligations as of March 31, 2019:</font></div>
        <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zc99327ec2d3c495f9d8e58dd9d096970">

            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Less than</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> Over 5</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; padding-bottom: 2px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Total</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1 year</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2-3 years</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">4-5 years</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
                <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">years</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Trade and other payables</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,066</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14,066</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pre-payment facility</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9,693</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,568</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,125</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest on pre-payment facility</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">648</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">522</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">126</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Convertible loans</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,116</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,116</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest on convertible loans</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">154</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">154</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Promissory note</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,000</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Interest on promissory note</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">267</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Projected pension contributions</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,370</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">676</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,593</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,524</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">577</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Decommissioning provision</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,258</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">50</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">618</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,590</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 40%; padding-bottom: 2px;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,100</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">487</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">120</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">493</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 40%; padding-bottom: 4px;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">42,672</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">28,419</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,949</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,644</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,660</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>

        </table>
        <div><br>
        </div>
        <div style="text-align: justify; text-indent: -14.4pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1 &#8211; Minimum lease payments in respect to lease liabilities are included in trade and other
            payables and other long-term liabilities. Further details available in Note 17 of the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2019.</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; text-indent: -14.4pt; margin-left: 27pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2 - Certain of these estimates are dependent on market conditions and assumed rates of return on
            assets. Therefore, the estimated obligation of the Company may vary over time.</font></div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Off-Balance Sheet Arrangements</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of the date of this filing, the Company does not have any off-balance sheet arrangements that have, or are reasonably likely to have,
            a current or future effect on the results of operations or financial condition of the Company including, without limitation, such considerations as liquidity and capital resources that have not previously been discussed.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Transactions with Related Parties</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There were no related party transactions for the three months ended March 31, 2019.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Risk Factors</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; margin-right: 0.2pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company manages a number of risks to achieve an acceptable level of risk without appreciably hindering its
            ability to maximize returns. Management has procedures in place to identify and manage significant operational and financial risks. A discussion of risk factors relating to the Company is found under the heading &#8220;Risk Factors&#8221; in the Company&#8217;s
            Annual Information Form dated March 29, 2019 and its MD&amp;A for the year ended December 31, 2018 dated March 4, 2019. Each of the discussions referred to above is incorporated by reference herein. The documents referred to above are available
            on SEDAR at <u><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">www.sedar.com</font></u>.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Accounting Standards and Pronouncements</font></div>
        <div>&#160;</div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Accounting standards issued but not yet applied</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">There have been no new accounting pronouncements issued in the first three months of 2019 that are expected to impact the Company. For a
            summary of recent pronouncements, see note 3 in the Company&#8217;s unaudited condensed interim consolidated financial statements for the three months ended March 31, 2019.</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 12</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> </font><br>
          <div>
            <div>
              <div style="font-weight: bold;">Americas Silver Corporation<br>
              </div>
              <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
                </font></div>
              <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
                </font></div>
              <div>
                <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
            </div>
            <div style="text-align: justify;"><br>
            </div>
          </div>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Financial Instruments</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company may, from time to time, employ derivative financial instruments to manage exposure to fluctuations in foreign currency
            exchange rates and commodity prices.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At March 31, 2019, the Company had non-hedge foreign exchange forward contracts to buy approximately 60.0 million MXP at average exchange
            rate of 20.64 MXP/USD to be settled within the second quarter of 2019 valued at approximately $2.9 million. The average forward exchange rate on settlement as at March 31, 2019 was approximately 19.57 MXP/USD with the currencies having a fair
            value of approximately $3.1 million. Accordingly, the Company recorded an unrealized gain of nil through profit or loss during the three-month period ended March 31, 2019 (2018: nil). The Company settled non-hedge foreign exchange forward
            contracts to buy approximately 60.0 million MXP and recorded realized gains of $0.2 million through profit or loss during the three-month period ended March 31, 2019 (2018: nil).</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">At March 31, 2019, the Company had non-hedge commodity forward contracts for approximately 11.2 million pounds of zinc at $1.21 per pound
            to be settled within the next 12 months valued at approximately $13.6 million. The average forward prices on settlement as at March 31, 2019 was approximately $1.32 per pound with the commodities having a fair value of approximately $14.8
            million. Accordingly, the Company recorded an unrealized loss of $1.2 million through profit or loss during the three-month period ended March 31, 2019 (2018: unrealized gain of $0.4 million).</font></div>
        <div><br>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Capital Structure</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company is authorized to issue an unlimited number of common shares, where each common share provides the holder with one vote. As at
            March 31, 2019, there were 45,391,989 common shares issued and outstanding.</font></div>
        <div><br>
        </div>
        As at May 13, 2019, there were <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">77,808,632</font> common shares of the Company issued and outstanding and 6,<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif;">560</font>,827 options outstanding which are exchangeable in common shares of the Company. The number of common shares issuable on the exercise of warrants is 3,337,379.
        <div> </div>
        <div><br>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Controls and Procedures</font></div>
        <div>&#160;</div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Management is responsible for establishing and maintaining disclosure controls and procedures ("DC&amp;P") and internal controls over
            financial reporting ("ICFR"), as those terms are defined in National Instrument 52<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8208;</font>109 <font style="font-size: 10pt; font-family: 'Times New Roman', Times,
              serif;">&#8208;</font> Certification of Disclosure in Issuers&#8217; Annual and Interim Filings ("NI 52<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#8208;</font>109").</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s DC&amp;P are designed to ensure that all important information about the Company, including operating and financial
            activities, is communicated fully, accurately and in a timely way and that they provide the Company with assurance that the financial reporting is accurate.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">ICFR means a process by or under the supervision of the Chief Executive Officer (&#8220;CEO&#8221;) and Chief Financial Officer (&#8220;CFO&#8221;) to provide
            reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As at March 31, 2019, the Company&#8217;s CEO and CFO have
              certified that the DC&amp;P are effective and that during the quarter ended March 31, 2019, the Company did not make any material changes in the ICFR that materially affected or are reasonably likely to materially affect the Company&#8217;s ICFR.</font></font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The internal controls are not expected to prevent and detect all misstatements due to error or fraud.</font></div>
        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 13</font></div>
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        </div>
        <div><br>
        </div>
        <div>
          <div>
            <div>
              <div style="font-weight: bold;">Americas Silver Corporation<br>
              </div>
              <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
                </font></div>
              <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
                </font></div>
              <div>
                <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
            </div>
            <div style="text-align: justify;"><br>
            </div>
          </div>
        </div>
        <div style="text-align: justify; font-size: 11pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">Non-IFRS Measures: Cash Cost per Ounce and All-In Sustaining Cost per Ounce</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company reports cash cost per ounce and all-in sustaining cost per ounce of silver produced, non-IFRS measures, in accordance with
            measures widely reported in the silver mining industry as a benchmark for performance measurement. Management uses these measures internally to better assess performance trends and understands that a number of investors, and others who follow
            the Company&#8217;s performance, also assess performance in this manner.</font></div>
        <div><br>
        </div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
            These measures do not have any standardized meaning and may differ from methods used by other companies with similar descriptions. The methods do not include depletion, depreciation, exploration or corporate administrative costs and is
            therefore not directly reconcilable to costs as reported under International Financial Reporting Standards. All-in sustaining cost is the silver mining industry cash cost plus all development, capital expenditures, and exploration spending.</font></div>
        <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
          </font></div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z298e55c5579b42a08bccdc5e09464f33">

            <tr>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Reconciliation of Consolidated Cash Cost per Ounce</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1 2019</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1-2018</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cost of sales ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12,470</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13,143</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-cash costs ('000)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">807</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(159</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Direct mining costs ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13,277</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12,984</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Smelting, refining and royalty expenses ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,089</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,473</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less by-product credits ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(18,562</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(17,543</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(196</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,086</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Divided by silver produced (oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">393,824</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">397,035</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver cash costs ($/oz)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(0.50</font></div>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2.73</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Reconciliation of Cosal&#225; Operations Cash Cost per Ounce</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1 2019</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1-2018</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Cost of sales ('000)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,616</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-cash costs ('000)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">237</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(135</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Direct mining costs ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,976</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,481</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Smelting, refining and royalty expenses ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4,185</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,010</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less by-product credits ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(15,438</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(12,216</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,277</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4,725</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Divided by silver produced (oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">173,169</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">79,382</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver cash costs ($/oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(30.48</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(59.52</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>

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        <div><br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div style="text-align: right;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 14</font></div>
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        </div>
        <div><br>
        </div>
        <div>
          <div>
            <div>
              <div style="font-weight: bold;">Americas Silver Corporation<br>
              </div>
              <div><font style="font-weight: bold;">Management's Discussion &amp; Analysis</font><font style="font-weight: bold;"><br>
                </font></div>
              <div><font style="font-weight: bold;">For the three months ended March 31, 2019</font><font style="font-weight: bold;"><br>
                </font></div>
              <div>
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            </div>
            <div style="text-align: justify;"><br>
            </div>
          </div>
        </div>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Reconciliation of Galena Complex Cash Cost per Ounce</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
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              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1 2019</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1-2018</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,527</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-cash costs ('000)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">570</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(24</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Direct mining costs ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,301</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7,503</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Smelting, refining and royalty expenses ('000)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">904</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,463</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Less by-product credits ('000)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(3,124</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,327</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,081</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,639</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Divided by silver produced (oz)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">220,655</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">317,653</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver cash costs ($/oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">23.03</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.46</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Reconciliation of Consolidated All-In Sustaining Cost per Ounce</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#160;</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1 2019</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1-2018</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs ('000)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(196</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(1,086</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital expenditures ('000)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,301</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,462</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exploration costs ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">76</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">73</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total all-in sustaining costs ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,181</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2,449</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Divided by silver produced (oz)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">393,824</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">397,035</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver all-in sustaining costs ($/oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.54</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.17</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
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        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zcf702002f25544408c114fcccb16d0d3">

            <tr>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Reconciliation of Cosal&#225; Operations All-In Sustaining Cost per Ounce</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1 2019</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1-2018</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs ('000)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(5,277</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4,725</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital expenditures ('000)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">796</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,845</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exploration costs ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">-</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total all-in sustaining costs ('000)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(4,476</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(2,880</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; background-color: rgb(255, 255, 255); width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Divided by silver produced (oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">173,169</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">79,382</font></div>
              </td>
              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver all-in sustaining costs ($/oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(25.85</font></div>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(36.28</font></div>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">)</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Reconciliation of Galena Complex All-In Sustaining Cost per Ounce</font></div>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; background-color: #FFFFFF;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1 2019</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Q1-2018</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total cash costs ('000)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,081</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3,639</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Capital expenditures ('000)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,505</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: #FFFFFF; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,617</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: #FFFFFF; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exploration costs ('000)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">71</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">73</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Total all-in sustaining costs ('000)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6,657</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5,329</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Divided by silver produced (oz)</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">220,655</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="background-color: rgb(255, 255, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">317,653</font></div>
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              <td valign="bottom" nowrap="nowrap" style="background-color: rgb(255, 255, 255); text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: bottom; width: 76%; border-bottom: 4px double rgb(0, 0, 0);">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Silver all-in sustaining costs ($/oz)</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">30.17</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">$</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">
                <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.78</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1">&#160;</td>
            </tr>

        </table>
        <div> <br>
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        <div>
          <div>
            <div>
              <div>
                <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

                    <tr>
                      <td style="width: 2%;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></td>
                      <td style="width: 98%;">
                        <div><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Non-cash costs consist of non-cash related charges to cost of sales including inventory movements and write-downs to net realizable value of
                            concentrates, ore stockpiles, and spare parts and supplies.</font> <br>
                        </div>
                      </td>
                    </tr>

                </table>
              </div>
            </div>
          </div>
          <div><br>
          </div>
        </div>
      </div>
    </div>
  </div>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>a51983166ex99_3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.3</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div><br>
    </div>
    <div style="text-align: center; margin-right: 199.5pt; margin-left: 199.55pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">FORM 52-109F2</div>
    <div style="text-align: center; margin-right: 139pt; margin-left: 139pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">CERTIFICATION OF INTERIM FILINGS FULL CERTIFICATE</font></div>
    <div style="text-align: left;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"></font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">I, Darren Blasutti, Chief Executive Officer of Americas Silver Corporation, certify the following:</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
      </font></div>
    <div>
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            <td style="width: 42pt; vertical-align: top; font-style: normal; font-weight: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Review: </font>I
                  have reviewed the interim financial report and interim MD&amp;A (together, the &#8220;interim filings&#8221;) of Americas Silver Corporation<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>(the
                  &#8220;issuer&#8221;) for the interim period ended March 31, 2019.</font></div>
            </td>
          </tr>

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    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z7a290e79988047bd9b0160df21d2a05c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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            <td style="width: 42pt; vertical-align: top; font-style: normal; font-weight: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">No
                    misrepresentations: </font>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is
                  necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</font></div>
            </td>
          </tr>

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    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zf35e983bdf524f2fa723b3fbeb8ac49e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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            <td style="width: 41.95pt; vertical-align: top; font-style: normal; font-weight: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Fair
                    presentation: </font>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the
                  financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z796a29b8e366401f85a131a027a58d69" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

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            <td style="width: 41.95pt; vertical-align: top; font-style: normal; font-weight: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">4.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Responsibility:
                  </font>The issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in
                  National Instrument 52-109 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Certification of Disclosure in Issuers&#8217; Annual and Interim Filings, </font>for the issuer.</font></div>
            </td>
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    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z9cead98bd2534e1890590691c080de28" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 41.95pt; vertical-align: top; font-style: normal; font-weight: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">5.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Design: </font>Subject

                  to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zb219600ea95c4b68a8e18565913e6361" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 77.95pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 41.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z3a66dfdef91848939d330320b163cc6a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 113.95pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 77.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">material information relating to the issuer is made known to us by others, particularly during the period in which the interim
                  filings are being prepared; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zfcffa352f7bd4c168b3e21c70b0560cd" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 113.95pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 77.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it
                  under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z1b90e8ba92d84c72befa396a046beaf8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 77.95pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 41.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of
                  financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2bb852ac15724619b00ca8f9dd44a50f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 41.95pt; vertical-align: top; font-style: normal; font-weight: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">5.1</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Control
                    framework: </font>The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is the Committee of Sponsoring Organizations framework.</font></div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z35a0ca0271d346c989136069a8848b49" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 42pt; vertical-align: top; font-style: normal; font-weight: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">5.2</font></font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">ICFR &#8211; material
                    weakness relating to design: </font>N/A</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zb9cbabe3379b4e4cb79394f1d42b49ec" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 42pt; vertical-align: top; font-style: normal; font-weight: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">5.3</font></font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Limitation on
                    scope of design:&#160; </font>N/A</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zcf188463dea242208b2a47bab9ecba88" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 42pt; vertical-align: top; font-weight: normal; font-style: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">6.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Reporting
                    changes in ICFR: </font>The issuer has disclosed in its interim MD&amp;A any change in the issuer&#8217;s ICFR that occurred during the period beginning on January 1, 2019<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                    serif; font-weight: bold;">&#160;</font>and ended on March 31, 2019<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>that has materially affected, or is reasonably likely to materially
                  affect, the issuer&#8217;s ICFR.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Date: <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>May 13, 2019</u></font></font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" id="z78d07a3920694735a3f06a6ccb75208a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8220;Darren Blasutti&#8221;</font><font style="text-indent: 0px; font-size: 5.1pt;"><br>
              </font></td>
            <td style="width: 75%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Darren Blasutti</font></td>
            <td style="width: 75%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">President &amp; Chief Executive Officer</font></td>
            <td style="width: 75%;">
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>a51983166ex99_4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.4</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div><br>
    </div>
    <div style="text-align: center; margin-right: 199.5pt; margin-left: 199.55pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">FORM 52-109F2</div>
    <div style="text-align: center; margin-right: 139pt; margin-left: 139pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">CERTIFICATION OF INTERIM FILINGS FULL CERTIFICATE</font></div>
    <div>&#160;</div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">I, Warren Varga, Chief Financial Officer of Americas Silver Corporation, certify the following:</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"> <br>
      </font></div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="za540aca2355b493faf9331c4711cba1c" class="DSPFListTable">

          <tr>
            <td style="width: 42pt; vertical-align: top; font-style: normal; font-weight: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Review: </font>I
                  have reviewed the interim financial report and interim MD&amp;A (together, the &#8220;interim filings&#8221;) of Americas Silver Corporation<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>(the
                  &#8220;issuer&#8221;) for the interim period ended March 31, 2019.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zcb166d4223c542788d8a856114f4413a" class="DSPFListTable">

          <tr>
            <td style="width: 42pt; vertical-align: top; font-style: normal; font-weight: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">2.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">No
                    misrepresentations: </font>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is
                  necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z070f23768a2348e983f6dcde09abac69" class="DSPFListTable">

          <tr>
            <td style="width: 41.95pt; vertical-align: top; font-style: normal; font-weight: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Fair
                    presentation: </font>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the
                  financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z094fa3e4ae7246a1ab26c728db3dda30" class="DSPFListTable">

          <tr>
            <td style="width: 41.95pt; vertical-align: top; font-style: normal; font-weight: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">4.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Responsibility:
                  </font>The issuer&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in
                  National Instrument 52-109 <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Certification of Disclosure in Issuers&#8217; Annual and Interim Filings, </font>for the issuer.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="za3b4c77888934422b5e049c3ff650677" class="DSPFListTable">

          <tr>
            <td style="width: 41.95pt; vertical-align: top; font-weight: normal; font-style: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">5.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Design: </font>Subject
                  to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z61b86696f6c5470a911634981fc9c1a5" class="DSPFListTable">

          <tr>
            <td style="width: 77.95pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 41.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z24d6ed9b8ab04dfd883d5f585668f3b6" class="DSPFListTable">

          <tr>
            <td style="width: 113.95pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 77.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(i)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">material information relating to the issuer is made known to us by others, particularly during the period in which the interim
                  filings are being prepared; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z05a562b601034cee9cef3fc537e2c065" class="DSPFListTable">

          <tr>
            <td style="width: 113.95pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 77.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(ii)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it
                  under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z5e9c89f50e654557928d72bfeacf3e7f" class="DSPFListTable">

          <tr>
            <td style="width: 77.95pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 41.95pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of
                  financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zd329fafbe7d847a1bffaa71bec727e48" class="DSPFListTable">

          <tr>
            <td style="width: 41.95pt; vertical-align: top; font-weight: normal; font-style: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">5.1</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Control
                    framework: </font>The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is the Committee of Sponsoring Organizations framework.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z10450b9968b841a4b4a01b392f3566a3" class="DSPFListTable">

          <tr>
            <td style="width: 42pt; vertical-align: top; font-style: normal; font-weight: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">5.2</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">ICFR &#8211; material
                    weakness relating to design: </font>N/A</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z1643ced548854e698d4e51ace7c868cb" class="DSPFListTable">

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            <td style="width: 42pt; vertical-align: top; font-weight: normal; font-style: normal;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">5.3</font></div>
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              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Limitation on
                    scope of design:&#160; </font>N/A</font></div>
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              <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">6.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">Reporting
                    changes in ICFR: </font>The issuer has disclosed in its interim MD&amp;A any change in the issuer&#8217;s ICFR that occurred during the period beginning on January 1, 2019<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
                    serif; font-weight: bold;">&#160;</font>and ended on March 31, 2019<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;</font>that has materially affected, or is reasonably likely to materially
                  affect, the issuer&#8217;s ICFR.</font></div>
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    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Date: <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>May 13, 2019</u></font></font></div>
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              <td style="width: 25%; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">&#8220;Warren Varga&#8221;</font><font style="text-indent: 0px; font-size: 5.1pt;"><br>
                </font></td>
              <td style="width: 75%; padding-bottom: 2px;">
                <div>&#160;</div>
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              <td style="width: 25%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Warren Varga</font></td>
              <td style="width: 75%;">
                <div>&#160;</div>
              </td>
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              <td style="width: 25%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Chief Financial Officer</font></td>
              <td style="width: 75%;">
                <div>&#160;</div>
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